Recent price action: Bearish
Pattern: Head and shoulders/Rising wedge
Long-term momentum: Bullish/ranging
Short-term momentum: Bearish
Bias: Short
Action: Already in a short sell. Signal was based on daily time frame. Will need a close below trend support and weekly support to confirm further movement to the downside. Weekly support will also function as the neckline for the head and shoulders pattern.
Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.
Pattern: Head and shoulders/Rising wedge
Long-term momentum: Bullish/ranging
Short-term momentum: Bearish
Bias: Short
Action: Already in a short sell. Signal was based on daily time frame. Will need a close below trend support and weekly support to confirm further movement to the downside. Weekly support will also function as the neckline for the head and shoulders pattern.
Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.