Since february 24 a triangle is forming , it's an accumulation phase..most of the time at the exit the movement is brutal..and it can go up or down... now we hit the top of the triangle , stochastic RSI is 94 so no good it have to go down RSI is no good too because just under 60/62 resistance so we probably go down to test the bottom of the triangle , then we can break it or bounce on it and go again test the top and maybe break it...
Actually I think it is more a descending than a symmetrical triangle and this would support the down trend.
If you put a vertical line at 8827 you see it will hit 2 times as a confirmation for a descending triangle.
And this goal would be reached earlier.
Or am I wrong?
schaffi2
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@schaffi2, I meant horizontal line, not vertical line. Sorry.
Krypto-Talak
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@schaffi2,I look 15 min , 30 ,1h ,2h and 4 h chart and for me is not a descending triangle , but i understand that you can considering it like this...but the result is the same ,except , in a descending triangle you have more probability to go up than a symmetrical triangle...
Krypto-Talak
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@talak, sorry more chance to go down , not up :)
schaffi2
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@talak, ok, checked again and probably you're right.
And I was wrong because it will touch the symmatrical triangle earlier.
If it will be an upward break it will not hit my supposed descending triangle.
Anyway - I'm curious what will happen - up or down.
I see the chance bigger for down - but who knows...
christophercolumbus
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Yes, down... but further than most think. An impulse wave down to 5K is on the cards.
If you put a vertical line at 8827 you see it will hit 2 times as a confirmation for a descending triangle.
And this goal would be reached earlier.
Or am I wrong?