High potential for local bullish reversal into bull market cont.
Updated
We have broken above our daily 3-point bearish trend resistance (in green) and sustained price action above it. We have done so after testing a bounce off the long-term weekly trend POC (in red).
Together these observations indicate to me a greater than 70% chance that we see continued bullish price-action, after creating our first local higher-low on the daily.
Opening a daily candle below the red dotted weekly trend POC could lead to a mini capitulation event causing unreasonably inflated panic and negative commentary / news. (Great time to buy if that happens!)
*note, the other arrows / lines prior to current candle on this chart are from my previous two trade ideas*
In the following image you can see more context for the dotted major weekly trendlines.
Together these observations indicate to me a greater than 70% chance that we see continued bullish price-action, after creating our first local higher-low on the daily.
Opening a daily candle below the red dotted weekly trend POC could lead to a mini capitulation event causing unreasonably inflated panic and negative commentary / news. (Great time to buy if that happens!)
*note, the other arrows / lines prior to current candle on this chart are from my previous two trade ideas*
In the following image you can see more context for the dotted major weekly trendlines.
Note
15m chart
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