From higher timeframes I personally am unsure of the strength of this currents month direction due to trading within a Higher Time frame consolidation.
Trading within a 1-5 Elliot's wave pattern I would like to see this current wedge pattern be respected.
Saying that as said above we are consolidating in price action so I have noticed a change of character with a valid pullback but price has wiped it out suggesting sellers are here with force. There is a strong Demand that price "could" see potential in moving too although that would tell me that this consolidation pattern is not valid.
Over all I am waiting still for price to make a move deeper into this 50% level for discount buyers before making a larger move yet again.
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Trading within a 1-5 Elliot's wave pattern I would like to see this current wedge pattern be respected.
Saying that as said above we are consolidating in price action so I have noticed a change of character with a valid pullback but price has wiped it out suggesting sellers are here with force. There is a strong Demand that price "could" see potential in moving too although that would tell me that this consolidation pattern is not valid.
Over all I am waiting still for price to make a move deeper into this 50% level for discount buyers before making a larger move yet again.
Please follow for more
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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.