After 5 days in a row with higher lows on the bounce keeping the bulls in full control, that pattern has broken.
This is not the daily consolidation we were looking for where a higher low is needed and a higher high to change the trend.
So far the consolidation is healthy, increased bear volume with no lower wicks would be a red flag.
Ideal scenario is for a bull flag on the daily with no more than a couple consolidation days before continuation.
Look for EMA 12 and 26 to get closer to each other every day.
Another scenario is we will back under $7,400 which in my opinion would increase odds significantly that an equilibrium on the daily forms.
Essentially every day we are looking for clues as to whether a bull fag or equilibrium are more likely.
This is not the daily consolidation we were looking for where a higher low is needed and a higher high to change the trend.
So far the consolidation is healthy, increased bear volume with no lower wicks would be a red flag.
Ideal scenario is for a bull flag on the daily with no more than a couple consolidation days before continuation.
Look for EMA 12 and 26 to get closer to each other every day.
Another scenario is we will back under $7,400 which in my opinion would increase odds significantly that an equilibrium on the daily forms.
Essentially every day we are looking for clues as to whether a bull fag or equilibrium are more likely.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
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.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
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.