Price is extremely overbought and over extended since the recent rally, on the weekly TF we can identify how price has formed a harmonic formation in which we expect the market to complete at the neckline, we also would expect a corrective move to happen sooner or later after such a bullish impulse- price is also testing strong level of weekly and monthly supply. Dropping to the lower TF we can identify how the market is consolidating in this rising wedge formation with a triple top. I would like to see the market maker push price above the highs to grab the liquidity of shorts and induce bulls into the market, before we can drop to the LTF and look for a valid entry to short
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.