The price got rejected at the 0.65 retracement level which is a little bit above the resistance of the rising wedge. If this pivot high holds the first zone for the next pivot low is 5280 - 5150.
Sometime between the 11th and 19th of Sept we expect to see a change in trend direction.
Sometime between the 11th and 19th of Sept we expect to see a change in trend direction.
Note
BB% Bearish Divergence on the daily chart.
Note
RSI, SRSI, BB% Bearish Divergence on the 8H chart.
Note
The 4H chart shows bearish divergence between the last lows. We have a lot of signs that are telling us the bulls are getting tired and the bears might regain control soon.
Note
Breakdown confirmed by volume but watch out for a possible retest of the wedge. If you shorted from 7200-7400 you could put your stop in profit, above the former support of the wedge or if you think that it will make a fake entry in the wedge then put your stop in break even. At this point there is no reason to keep the SL above your entry.
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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.