Is another one I have found browsing "Gap Losers" today.
This has long term bullish divergence through the downtrend and through that big bounce; which is significant I think.
The upper wick (red arrow) is a bit smelly but I think this is compression forming and on the 2 week chart this is expressed as Inside Candles.
And the gap above will attract price so it is less likely to be another wave down without filling the gap.
That is unless it is a "breakaway gap" but that seems unlikely with all this long term unresolved bullish RSI divergence.
And so I think this could be a 3 wave correction completing from the highs.
And if it is, then this could be the market low before a another wave up to new highs up and up.
Its gone slightly below the retracement Golden Window taken from the previous market low to ATH, but thats ok to be a little loose I think since it is very long term.
So this is a nice one because if i'm wrong i'll know soon but if i'm right then this is a market bottom.
...
Down on the day chart in the potential compressive area, this is a bit wonky but it looks like it can be 3 waves completing and so we may have both a higher degree and lower degree 3 wave correction completing.
Notice that the area it has fallen back to has had a lot of sideways action and higher volume that can potentially catch the dump in this area.
And so I have bought some here and if it holds i'll buy some more.
This has long term bullish divergence through the downtrend and through that big bounce; which is significant I think.
The upper wick (red arrow) is a bit smelly but I think this is compression forming and on the 2 week chart this is expressed as Inside Candles.
And the gap above will attract price so it is less likely to be another wave down without filling the gap.
That is unless it is a "breakaway gap" but that seems unlikely with all this long term unresolved bullish RSI divergence.
And so I think this could be a 3 wave correction completing from the highs.
And if it is, then this could be the market low before a another wave up to new highs up and up.
Its gone slightly below the retracement Golden Window taken from the previous market low to ATH, but thats ok to be a little loose I think since it is very long term.
So this is a nice one because if i'm wrong i'll know soon but if i'm right then this is a market bottom.
...
Down on the day chart in the potential compressive area, this is a bit wonky but it looks like it can be 3 waves completing and so we may have both a higher degree and lower degree 3 wave correction completing.
Notice that the area it has fallen back to has had a lot of sideways action and higher volume that can potentially catch the dump in this area.
And so I have bought some here and if it holds i'll buy some more.
Note
Continues to look like a great buy here.It has held the high volume area well; currently bear the red POC (highest volume).
This one could be tasty multipliers if this turns out to be the accumulative market bottom here.
This is the ideal buy area now and less so if it breaks out - because those multipliers really do count and you are less exposed if you buy sideways trends 👍.
Note
VICRCompression. This will probably pump soon 👍.
Note
VICRLooks set to pump sooner or later.
Now that it has survived the dump this is an even better opportunity to enter because this sideways band is most likely to tight accumulation before the next bull market 👍.
Trade closed manually
Looks like a 3 wave continuation pattern now. Could be heading much lower and will be interested again down the road.
Your FA guru can't read a chart💭
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Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.