This chart is meant as a record of my thoughts and observations for learning. I appreciate your opinions.
I've been tracking what looked like a broadening rising wedge/ bear flag when I noticed what appeared to be a W pattern printing on the RSI, that later printed into a H&S pattern. The H&S pattern then turned below the neck line, then lingered there indecisively. Meanwhile price action went sideways.
Will PA make a new touch off the top of the broadening wedge? If so will it violate statistics and turn north or crash through the bottom of the wedge to kick off the next leg of the downward move?
If PA does not make a new touch off the top of the pattern, then obviously we know down is the direction it will go.
Happy trading.
I've been tracking what looked like a broadening rising wedge/ bear flag when I noticed what appeared to be a W pattern printing on the RSI, that later printed into a H&S pattern. The H&S pattern then turned below the neck line, then lingered there indecisively. Meanwhile price action went sideways.
Will PA make a new touch off the top of the broadening wedge? If so will it violate statistics and turn north or crash through the bottom of the wedge to kick off the next leg of the downward move?
If PA does not make a new touch off the top of the pattern, then obviously we know down is the direction it will go.
Happy trading.