Disclaimer: Im a beginner trader and this is just me playing around trying to figure things out. Comments and correction are more than welcome.
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So far its following the ABC correction pattern. Lets see how it goes...
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Looking at the 4 hr chart, RSI seems to be hitting strong resistance. If it holds we are certainly to see bears taking the price down to first support levels ( where the C wave is expected to end ).
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Looks like the C wave is slowly starting to form. If you zoom in on lower time frame ,like 1hr , it looks like the first wave down has formed and now we finishigh the 2nd one, which is about to bounce off of yellow dotted resistance.
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Notice spinning top on 4hr chart.
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and the breakdown just happened.
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We are probably going to test $7,250 region. Which would further extend the C wave , placing it in the middle of that support pocket.
If the support holds, I assume we will go up again and try to penetrate that heavy resistance.
If the support holds, I assume we will go up again and try to penetrate that heavy resistance.