Potential falling wedge. The trend is your friend, as they say (of course until the end...). I think a lot of folks are expecting this to come way down and that is a possibility. However, there are certain data points that suggest alternative possible outcomes. As always, nothing is for certain so manage your risk.
Note
Breakout or fake-out? We shall soon find out...Note
Some bullish divergence on the 4-hourlyNote
Now on the daily. We could hang out here for longer than we think but we must, also, consider the alternative that our bullish divergence on the 4-hourly could be communicating a local bottom on the daily stoch. RSI and a subsequent relief shift in momentum.Note
And if you give a mouse a cookie (and if we are about to see a momentum shift and we break back into that falling wedge like structure and head to to the top of it's descending trendline and breakout)...Than he is probably gonna want some milk to go along with it (and we might head to the target of that falling wedge like structure)...
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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.