We have bear flags forming in a fractal pattern pointing down to a retest of the 6600 low, if not a test of even further Fib levels.
We also have an apparent descending wedge culminating at 7200.
Both scenarios say that the local maximum is either here at ~8300, maybe as high as ~8500 depending on how far the current bear flag gets, but what happens next depends on which pattern holds more true.
...we could also see a heroic surge of volume as bulls break the resistance channel somewhere.
I am very much an amateur and you should definitely not take this as financial advice - I'd love any feedback I can get.
We also have an apparent descending wedge culminating at 7200.
Both scenarios say that the local maximum is either here at ~8300, maybe as high as ~8500 depending on how far the current bear flag gets, but what happens next depends on which pattern holds more true.
...we could also see a heroic surge of volume as bulls break the resistance channel somewhere.
I am very much an amateur and you should definitely not take this as financial advice - I'd love any feedback I can get.
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
I would think that if we test there and don't go straight through, we'd expect to go to the end of the bottom of the wedge.
A lot of other predictions right now seem to think the wedge lines up perfectly with a wave pattern, so... maybe. Seems pretty clear that on any of these paths the price goes down from here without a surprise bullish breakout somewhere (G20 news expected next week, which could add rocketfuel and blow up any pattern if it's perceived as really good or really bad) - it's just a question of to what price on what timescale.