Current Daily candle has opened outside of the Daily cloud.
Note the consolidation fitting perfectly within the Daily cloud range.
The color change to light pink also indicates that the cloud's influence is less, and a departure from the cloud's Path-Fitting is more likely.
I would rate this signal as a 70% certainty of upward move.
There is a possibility of breakdown through the lightly colored area, and cloud support would be weaker in this area due to the color change.
The wide separation of inter-cloud lines is interpreted as weaker cloud influence as well, so it less likely that Cloud support would be respected if the price drops through this area.
Note the consolidation fitting perfectly within the Daily cloud range.
The color change to light pink also indicates that the cloud's influence is less, and a departure from the cloud's Path-Fitting is more likely.
I would rate this signal as a 70% certainty of upward move.
There is a possibility of breakdown through the lightly colored area, and cloud support would be weaker in this area due to the color change.
The wide separation of inter-cloud lines is interpreted as weaker cloud influence as well, so it less likely that Cloud support would be respected if the price drops through this area.
Note
Price now testing the top of Daily cloud and bottom of 4H cloud.This is the Bulls Last Stand. If the Daily closes under Cloud top, in the pink area, then the possibility of breakdown through the color change is high and a short position will be opened.
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Indicator access information
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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.