Price has broken through the support trend line which it has re-tested.
A rising wedge has formed, as well a 'W' pattern, which has re-tested the previous support level and appears to be rejecting it.
Price is also under the 200 EMA, which suggests that it is in a downtrend.
Expecting price to continue to break out of the rising wedge and continue bearish to the...
Completion of a harmonic pattern suggests price to go short, which is what we are currently seeing at the moment. Price is still under the 200 EMA which suggests that price is still in a downtrend.
On the 4H chart, we can see another completed harmonic pattern and a rejection of the resistance which suggests that price will currently be bullish. Price has also...
Price is under the 200 EMA on Daily, which shows that price is still in a downtrend.
Price is in an overbought area on the RSI, this suggests exhaustion.
Completion of a harmonic pattern would now suggest price to go short.
There is also an Elliot Wave and a Corrective wave which has been completed. This also now suggests price to go bearish....
At the beginning of the downtrend, we can see that the trending environment is weak as waves 1-2 are quite long, which signifies larger retracements. However, looking at wave 3-4, we can see that it is short, which suggests a stronger trending environment. Thus, we can assume that there is stronger selling pressure as the market continue downwards.
Price is still under the 200 EMA on Daily.
Completion of harmonic pattern would suggest price to now go short.
Price is in an overbought area on the RSI.
Expecting price to test the resistance trend line before continuing its downward trend.
Head & Shoulders on DAILY.
Price still has potential to go bullish to test the zone. If price tests zone, will wait for confirmation on a lower time frame before going short. Or will enter short after a confirmed breakout.