Expecting more erosion on the price for a new lower low before the next eruption, the sideways consolidation which many expected to be a continuation pattern is breaking to the downside.
The tricky thing with symmetrical triangles is that depending on where you start the count, can yield the complete opposite outcome. I think that the first move down from the peak was not part of the triangle but an A leg, continued by a B wave triangle, and now with the triangle breaking to the downside is the C leg. Expecting reversal around after the election. I will also note a huge overbought RSI on the May 14 peak which will be revisited.
The tricky thing with symmetrical triangles is that depending on where you start the count, can yield the complete opposite outcome. I think that the first move down from the peak was not part of the triangle but an A leg, continued by a B wave triangle, and now with the triangle breaking to the downside is the C leg. Expecting reversal around after the election. I will also note a huge overbought RSI on the May 14 peak which will be revisited.
Nota
Price has hit a new low, as expected. In fact, it makes the chart look better. We got a higher RSI with a lower low, so there is a divergence, which I love! It is a reversal sign, but the timing is a question. 
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.