Analyzing the 4-hour time frame, there are indications that the bullish momentum is slowing down. Following a strong upward movement earlier in the week, the price is now slowing down within a rising wedge pattern.
The price reached 2531 before stabilizing and forming a cup and handle pattern on the hourly chart. Today, there is some retracement in the market.
The release of the FOMC meeting minutes could have a negative impact on the market. A break below the support of the wedge and the neckline of the chart pattern could confirm a correctional phase.
However, I do not advise selling at this point as it is too risky.
The price reached 2531 before stabilizing and forming a cup and handle pattern on the hourly chart. Today, there is some retracement in the market.
The release of the FOMC meeting minutes could have a negative impact on the market. A break below the support of the wedge and the neckline of the chart pattern could confirm a correctional phase.
However, I do not advise selling at this point as it is too risky.
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Join our Telegram channel for daily market update 👇👇
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t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
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.