MCG after capitulation has formed a rising wedge. The green line represents the weekly declining trendline or the line that will confirm whether we are in a new weekly cycle. The pink downward slopping line is the one that confirms a daily cycle low, in this case 14 March 2023. Ideally this rising wedge can stop at the green line & begin a move down to break lower than 14 March for price continuation to the downside. We will update as the cycle takes shape, for now neither bulls nor bears are in control.
Note
The bears have seized control of the cycle, if enough bulls are trapped price will accelerate to the downside.Trade closed: target reached
Price within the timing band for a turn, best to close shorts.
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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.