Tyler Jenk's idea of #Consensio taught me to be pay attention to the 2,7, and 30 week moving averages to identify short, intermediate, and long-term trends. These averages are used to approximate the standard daily averages of 20/50/200 onto a weekly chart. The weekly closes are more important than the noise with each candle.
#Consensio tells me to be cautious here and have some CASH available for a potential buying opportunity if price stays above the blue line on this dip.
Peter Brandt, Aksel Kibar, and Ian McMillan's charts have taught me to look for buying opportunities in a daily breakout launched from a large weekly horizontal pattern (often retested, but sometimes not).
I see this large area of "consolidation at the top" as a garbage pattern, but I believe the spirit of it to be an ascending triangle. It's just a very abused ascending triangle. The breakout was short and the retest has been steep but the blue line has recently turned back upward after some hesitation and price is still above it.
To me, finding a local bottom above the 200 would be a signal to buy anything with a pulse that isn't nailed down.
#Consensio tells me to be cautious here and have some CASH available for a potential buying opportunity if price stays above the blue line on this dip.
Peter Brandt, Aksel Kibar, and Ian McMillan's charts have taught me to look for buying opportunities in a daily breakout launched from a large weekly horizontal pattern (often retested, but sometimes not).
I see this large area of "consolidation at the top" as a garbage pattern, but I believe the spirit of it to be an ascending triangle. It's just a very abused ascending triangle. The breakout was short and the retest has been steep but the blue line has recently turned back upward after some hesitation and price is still above it.
To me, finding a local bottom above the 200 would be a signal to buy anything with a pulse that isn't nailed down.