I'm still new at this, feedback welcome.
Earlier today I shared an idea in which I proposed that the recovery this morning would swing back up to the cloud line signalling either (see related ideas)
a) breaking through the top of the cloud leading to further recovery or holding at the 50% fib
b) resisting off the bottom of the cloud and falling back down to continue forming a falling wedge
It looks like the latter option is occurring now so I've revised my idea. I'm expecting a breakout of the wedge tomorrow.
If I were trading on this action I'd buy in at the line indicated and sell at the first and second fibs. I wouldn't recommend this since I've only been into analysis for a week or so now. Just wanting to make a call and see if I'm right.
Earlier today I shared an idea in which I proposed that the recovery this morning would swing back up to the cloud line signalling either (see related ideas)
a) breaking through the top of the cloud leading to further recovery or holding at the 50% fib
b) resisting off the bottom of the cloud and falling back down to continue forming a falling wedge
It looks like the latter option is occurring now so I've revised my idea. I'm expecting a breakout of the wedge tomorrow.
If I were trading on this action I'd buy in at the line indicated and sell at the first and second fibs. I wouldn't recommend this since I've only been into analysis for a week or so now. Just wanting to make a call and see if I'm right.
Comment:
Looks like the wedge I drew wasn't as steep as it turned out to be. It still feels like a wedge to me, but I guess we'll see later today.
