Don't do it!
all up, not a good buy zone. if anything, right triangle, continuation, target 40-43 and 35-38.
see the 1234, that's how many times the green support has been tested. 4th touch brakes, 95% of the time.
this pattern has all the components of a successful reversal, meaning a bullish continuation, however, a closer looks shows it has all the symptoms of a continuation
its a bearish triangle pattern with hidden bearish divergence
it also has reversal divergence, low volume, expanding wedge, but, if it were the bottom of the next bull run, it would be too predictable, IMO.
we are on the .5 fib from the previous all time high. .5 fib is notorious for doing nothing. it is generally a useless support, I expect it to brake.
the .382 (42829) and .286 (37823) are historically better supports.
still a (slim) chance 50-53 local top
also for a proper reversal deeper into the 40's, but at this stage, I'm wary of buys above 43
trust me, I want to be bullish. I'm not convinced with this zone.
see the 1234, that's how many times the green support has been tested. 4th touch brakes, 95% of the time.
this pattern has all the components of a successful reversal, meaning a bullish continuation, however, a closer looks shows it has all the symptoms of a continuation
its a bearish triangle pattern with hidden bearish divergence
it also has reversal divergence, low volume, expanding wedge, but, if it were the bottom of the next bull run, it would be too predictable, IMO.
we are on the .5 fib from the previous all time high. .5 fib is notorious for doing nothing. it is generally a useless support, I expect it to brake.
the .382 (42829) and .286 (37823) are historically better supports.
still a (slim) chance 50-53 local top
also for a proper reversal deeper into the 40's, but at this stage, I'm wary of buys above 43
trust me, I want to be bullish. I'm not convinced with this zone.
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