hiya,
I noticed this rising wedge, which could lead to a correction soon.
The doji candle yesterday was already not convincing itself and it didn't even make a new high in this recent bull run.
Today (at least for now) the market created a big red candle, engulfing the bullish one 2 days ago. not great for bulls either. It just doesn't look right. The lower rising line of this wedge could even be an upward sloping neckline of a potential H&S.
This whole pattern is accompanied by a massive negative divergence.
So the question for me is really: now short or waiting for a RSI trendline break ? I just went for a first trade here and looking for a 38%-50% retracement from the very recent up move.
Happy trading, happy hunting
KP
I noticed this rising wedge, which could lead to a correction soon.
The doji candle yesterday was already not convincing itself and it didn't even make a new high in this recent bull run.
Today (at least for now) the market created a big red candle, engulfing the bullish one 2 days ago. not great for bulls either. It just doesn't look right. The lower rising line of this wedge could even be an upward sloping neckline of a potential H&S.
This whole pattern is accompanied by a massive negative divergence.
So the question for me is really: now short or waiting for a RSI trendline break ? I just went for a first trade here and looking for a 38%-50% retracement from the very recent up move.
Happy trading, happy hunting
KP