This chart better clarifies visually would can happen in the very near term.
We can exit out of the bigger triangle (dotted line is lower boundary)
Or we can drop out of the descending wedge
Wedges tend to break upward.
Breaks from Triangles are down or up... with pressure from Bears, more likely down
So far my defined upper and lower boundaries on the wedge is holding (see previous chart)
But that is NO guarantee
Many TA pros have not mentioned the heavy sell wall at 18,510. They keep talking about 18,600.
It is important you notate ALL the resistance and supports.. not just a few that most TA analysts mention
If we have a huge drop, the big fight should be at $ 17850, $ 17710 and # 17650
$ 177500 is a key zone to a much bigger drop... most likely 16k-ish (see my chart)
If the retail public panics, it might fall to 14k not soon after.
If the bulls come out to the rescue, it might be a bounce up
That bounce might take hold into a rally
Said rally could form the 'right side' of an H & S top.. (not a moonshot)
My gut says we can't have moonshot until we touch at least 14k
Then it's systems go.
We can exit out of the bigger triangle (dotted line is lower boundary)
Or we can drop out of the descending wedge
Wedges tend to break upward.
Breaks from Triangles are down or up... with pressure from Bears, more likely down
So far my defined upper and lower boundaries on the wedge is holding (see previous chart)
But that is NO guarantee
Many TA pros have not mentioned the heavy sell wall at 18,510. They keep talking about 18,600.
It is important you notate ALL the resistance and supports.. not just a few that most TA analysts mention
If we have a huge drop, the big fight should be at $ 17850, $ 17710 and # 17650
$ 177500 is a key zone to a much bigger drop... most likely 16k-ish (see my chart)
If the retail public panics, it might fall to 14k not soon after.
If the bulls come out to the rescue, it might be a bounce up
That bounce might take hold into a rally
Said rally could form the 'right side' of an H & S top.. (not a moonshot)
My gut says we can't have moonshot until we touch at least 14k
Then it's systems go.