Here on ZRX daily timeframe everything is bearish the market has formed this impulse to the downside breaking below the previous high, what we can also see on the daily is the market has printed this M formation. After an M formation we expect the market to complete the pattern at the neckline giving us our intraday upside target. However if you drop to lower timeframes you can see everything is still currently bearish on lower timeframes and no signs YET of the corrective move to the upside. We will be waiting on the lower timeframes to see if the environment of the market will cut back bullish, if all our entry rules are satisfied this is when we will take a nice long position.
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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.