Yesterday, we saw prices drop out of the right ascending triangle and cancel out the inverted H&S with a double rejection at 9k.
Seeing this pattern around a week ago, something was very dodgey about it, the no volume confirmation on the right shoulder from the beginning was telling us we were not going to break any resistance points and we did not, getting rejected hard twice at 9k. Even though the pattern looked perfect, Volume must confirm for it to go ahead correctly. So we wont be seeing any juicy gainz just yet.
INVERTED H&S FAIL
So, whats next?
Yesterday with the predicted bear flag combo unravelling shortly after i posted about it we saw a decent breakout from the right ascending triangle.
However after breaking out we begun to use the much larger wedge as supports underneath us, and the right ascending triangle as a resistance going upwards.
This has pushed prices hard up against the ascending triangle where ANOTHER BEAR FLAG HAS FORMED!
Unsure on the count here as its really tight at the moment so have done two:
Option One : Straight down from here !
Option Two : Which may bring prices to around 8,800 prior to another break down from the flag.
SO MANY BEAR FLAGS! which i believe may push us back into our much larger wedge eventually to continue towards our original lower low target.
Lets see how todays prices play out and reassess tonight.
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!
I think waves 1-3 in the first picture are a abc flat going into a bull flag. I expect a lower high and a lower low and then a breakout from mid 8k probably with the Chinese New Year end on 2/15.
Sorry no charts my goal is to analyze by sight- wishing you blessings.
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ohh yeah i see what your saying, definitely a possible scenario!! currently i am very neutral on the current market , as its giving us both mixed bullish and bearish signals... but all advice and opinions are appreciated! thank you and all the best with your trades!
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