As you can see price is nearing channel top after breaking through important resistance. In spite of this and the fact that we have confirmed bullish kumo breakout as well, price has formed a rising wedge. Will it break through the top of the channel or do a great retrace?
Below is a closeup in 4H timeframe:
Keep your eyes peeled.
Below is a closeup in 4H timeframe:
Keep your eyes peeled.
Komentar:
Ultimately it did retrace to the black line as marked, but could not break through down to the bottom of the wedge. Retrace was completed at this point and afterwards it broke through the top, reversing the longer term trend.