Reasons for reversal:
1. Two month bear wedge formed.
2. Trendline was broken on Jan 4th.
3. Double top was made today.
4. Additionally, today's (Jan 6th) volume is pretty high with a typical distribution candle.
IMHO, reversal down is very likely for the next few bars.
1. Two month bear wedge formed.
2. Trendline was broken on Jan 4th.
3. Double top was made today.
4. Additionally, today's (Jan 6th) volume is pretty high with a typical distribution candle.
IMHO, reversal down is very likely for the next few bars.
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