The price has finished its momentum (ADX), now it's heading down
In ADX indicator, level 40 has been reached which means it's overbought. The momentum ends and the price will change the direction.
There is a small head and shoulders as a confirmation of direction reversal.
The price goes down and breaks out the demand area number 1 but it bumps the next demand area (number 2). It executes the buy orders and goes up again and hits the resistance line of the head and shoulders. The price will go down and break the demand area number 2 and bump the demand area number 3.
There is a small head and shoulders as a confirmation of direction reversal.
The price goes down and breaks out the demand area number 1 but it bumps the next demand area (number 2). It executes the buy orders and goes up again and hits the resistance line of the head and shoulders. The price will go down and break the demand area number 2 and bump the demand area number 3.
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