Hello!
Keeping it short and sweet per usual!
I have two scenarios with very basic, but strong price action. This leg up has seen non-stop momentum upwards, but there haven't been any corrections on this move and we are in a heavy resistance area (purple). This almost vertical trendline is creating a very untrustworthy trend, where when this thing breaks at a resistance area & at a trend line, i am seeing a strong move down.
The blue line i'm not worried about so much, but if TA aligns on the lower TF, i will pay attention, but the main focus is on the purple.
I believe we are most likely to see the white scenario happen, but anything is fair game and my philosophy is reacting > predicting. Lower TF will help determine these moves as well. Red scenario is possible, but in my opinion, very unlikely.
Also, the right shoulder of my previous analysis is finally formed (the bounce of the green TL which caused this move upwards.)
Keeping it short and sweet per usual!
I have two scenarios with very basic, but strong price action. This leg up has seen non-stop momentum upwards, but there haven't been any corrections on this move and we are in a heavy resistance area (purple). This almost vertical trendline is creating a very untrustworthy trend, where when this thing breaks at a resistance area & at a trend line, i am seeing a strong move down.
The blue line i'm not worried about so much, but if TA aligns on the lower TF, i will pay attention, but the main focus is on the purple.
I believe we are most likely to see the white scenario happen, but anything is fair game and my philosophy is reacting > predicting. Lower TF will help determine these moves as well. Red scenario is possible, but in my opinion, very unlikely.
Also, the right shoulder of my previous analysis is finally formed (the bounce of the green TL which caused this move upwards.)