SLP has been in a downtrend for quite time. Recently price broke the downtrend line and now it seems a consolidation zone/area is forming; possibly a triangle one. If price breaks this area upward, it can be said that an upward move has started. Let's see what happens.
P.S. SLP may follow the behavior of that NAKA.
P.S. SLP may follow the behavior of that NAKA.
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So the consolidation zone formed as a downtrend channel. Price bounced off the lower line, and it seems buy volume is increasing. Let's see if SLP can reach the upper line of this channel and possibly break it.
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SLP started an upward wave. Let's see if it can break the channel's upper band.
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So, SLP broke the channel's upper line. Some correction, either price or time, is needed for continuation.
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So, after SLP broke the channel upward, some correction occurred. Then SLP continued going up. It seems SLP is moving in an inverted-ascending wedge pattern and is currently at the bottom, trying to start a new upward wave. Let's see what happens.
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Also, a fun fact; SLP and ALICE charts are highly correlated with each other, with the point that the ALICE chart shows signals a little earlier.
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So, SLP couldn't go up, correction started and SLP went down and reached the Cup's bottom. After spending some time at the bottom and accumulating momentum, SLP broke the downtrend line, and now it seems the next upward wave has started. Let's see how high SLP can go.
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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.