A potential pattern that is forming is a Head and Shoulders right now in this channel. Couple reasons why I believe this will manifest and confirm the move down.
1. MACD cross on the daily and moving down.
2. Trend line broken to the upside
3. RSI confirming divergence
4. Pattern is manifesting itself as a H&S.
The smaller time frames are also aligning with this, but slowly. The more this goes sideways and not up, the more it will confirm this pattern.
Of course, it could just move up. Which is fine. this type of pattern also gives us enough of a formation that we can play the upside. If we get a confirmed break above this 10k mark, we should be able to play it to the upside a bit.
Happy Trading, please let me know my analysis helps by hitting that like button.
-Sherem
"It's better to be out of the market wishing you were in, then in the market wishing you were out"
One of my previous calls-
1. MACD cross on the daily and moving down.
2. Trend line broken to the upside
3. RSI confirming divergence
4. Pattern is manifesting itself as a H&S.
The smaller time frames are also aligning with this, but slowly. The more this goes sideways and not up, the more it will confirm this pattern.
Of course, it could just move up. Which is fine. this type of pattern also gives us enough of a formation that we can play the upside. If we get a confirmed break above this 10k mark, we should be able to play it to the upside a bit.
Happy Trading, please let me know my analysis helps by hitting that like button.
-Sherem
"It's better to be out of the market wishing you were in, then in the market wishing you were out"
One of my previous calls-
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Chart update: We might get a move up, but hard to tell if it happens or not before the larger move down.
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update -
