Possible short opportunity coming up when we reach the former top, the MA(100) and upper BB are also close by this area so maybe we'll get a double top...
Looking for short setups on the daily or hourly TF's at the area depicted by the small blue circle looks like a good idea... The daily stochastics is getting heavily overbought so this might give the necessary down momentum soon...
On the weekly though stochastics is just coming back from oversold levels and RSI is pointing up and not overbought yet so I am somewhat cautious in case it overshoots the double top...
Targets would be the lower channel boundary, next one would be around the 37.50 level and possible the bullish bat if we ever get that low...
If it continues up then a little higher than the double top we could possibly be completing a bearish Cypher and if we move beyond that I suspect we may even be on the way to complete the large AB=CD at the next level of possible swing high resistance...
Together with momentum confluence that could be a great short trade, but first things first, the smaller blue circle...
Looking for short setups on the daily or hourly TF's at the area depicted by the small blue circle looks like a good idea... The daily stochastics is getting heavily overbought so this might give the necessary down momentum soon...
On the weekly though stochastics is just coming back from oversold levels and RSI is pointing up and not overbought yet so I am somewhat cautious in case it overshoots the double top...
Targets would be the lower channel boundary, next one would be around the 37.50 level and possible the bullish bat if we ever get that low...
If it continues up then a little higher than the double top we could possibly be completing a bearish Cypher and if we move beyond that I suspect we may even be on the way to complete the large AB=CD at the next level of possible swing high resistance...
Together with momentum confluence that could be a great short trade, but first things first, the smaller blue circle...
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Zooming in on the daily...:
