Last night’s spike up and reversal seems to display the hallmarks of the short-term trend shifting. However, in a further examination of the smaller timeframe fractals, unless this develops into a Leading Diagonal (which is an untrustworthy trading pattern) we should chop around in this area only to get OMH towards the 3823-38 area.
The black count is playing out within the smaller the micro timeframes as you can see from the above. I will point out that OMH is NOT required to complete this pattern. This pattern can be considered complete and Black 4 is done. It’s the overlapping decline from the 3813 high that is causing me to anticipate one more high (OMH). Additionally, I mentioned over the weekend I would like to see a day or two of slight upward pressure on price for MACD to get closer to the zero line.
So we have this area where this final battle will take place for control of price. I fully expect to know the outcome by weeks end.
Best to all,
Chris
The black count is playing out within the smaller the micro timeframes as you can see from the above. I will point out that OMH is NOT required to complete this pattern. This pattern can be considered complete and Black 4 is done. It’s the overlapping decline from the 3813 high that is causing me to anticipate one more high (OMH). Additionally, I mentioned over the weekend I would like to see a day or two of slight upward pressure on price for MACD to get closer to the zero line.
So we have this area where this final battle will take place for control of price. I fully expect to know the outcome by weeks end.
Best to all,
Chris
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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.