This is an updated/alternative version of my previously published chart idea, this time using a line chart on the 4 hour timeframe. I've added more resistance trendlines
along with the Ichimoku cloud
analysis. We can see a TK
cross (Tenkan-Sen crossing the Kijun-Sen) which is a bullish
signal. Also we can see price action moving into the 4 hour cloud. Often entry into the cloud is seen as a signal for an edge to edge move, in this case from the bottom of the cloud to the top. This would support a break out of the inverse head and shoulders
neckline. Let's look for a large amout of bullish volume
to drive the price action through the various resistance levels and let's see if we can get supportive above the cloud.
are drawn from multiple points of contact over the previous 2/3 months but I've only shown the most recent time period of the chart here.