Probable VCP ?
Volatility has contracted on 15 min chart along with congestion in RSI. 2nd Rise was on back of contracting range. Initial fall in 3 rd attempt was on high range but later range contracted. Only 1st fall and rise had seen some big range candles on 15 min chart.
2nd retracement of 50% of 1 st rise. 3rd retracement is already 50% of 2nd rise and just away from 25% of 1st rise. Now it will be interesting to see 100% -50% -25% of 1st rise which itself will be confirmation of contraction in volatility. Narrow range candles are another confirmatio.
2nd retracement of 50% of 1 st rise. 3rd retracement is already 50% of 2nd rise and just away from 25% of 1st rise. Now it will be interesting to see 100% -50% -25% of 1st rise which itself will be confirmation of contraction in volatility. Narrow range candles are another confirmatio.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.