Trend:
A fakeout occurred today causing more consolidation in price movement. As stated previously, the chart indicates that a bullflag has formed. The price moved outside of the channels created by the flag but it was not able to hold above the channel. The weakness demonstrated brought the price action back into the channel and that is why this is a false breakout. A real breakout will break through the channel and hold above it, to use that line as support.
Indicators:
The SSL Hybrid indicator's baseline has turned from green to gray which signals indecisiveness in the market. A sell signal was also issued on the SSL Hybrid indicator, but the other indicators did not issue a sell signal.
A Gartley pattern and a Butterfly pattern appeared on the 15 minute chart with an SSL Hybrid buy signal at roughly $3.02 to $3.07.
The UT bot did not print any useful signals this time around.
Thoughts:
This fakeout has caused the price to sit quite high within the channel. The price rose above the channels and dropped below it, causing the upper boundary of the channel to be resistance in the future. The indicators show weakness in the uptrend and this may lead to more consolidation within the channel before a real breakout occurs. The good news is that target rocketship did hit $3.25 as previously suggested. I look forward to hitting $3.25 again in the near future. 😄
A fakeout occurred today causing more consolidation in price movement. As stated previously, the chart indicates that a bullflag has formed. The price moved outside of the channels created by the flag but it was not able to hold above the channel. The weakness demonstrated brought the price action back into the channel and that is why this is a false breakout. A real breakout will break through the channel and hold above it, to use that line as support.
Indicators:
The SSL Hybrid indicator's baseline has turned from green to gray which signals indecisiveness in the market. A sell signal was also issued on the SSL Hybrid indicator, but the other indicators did not issue a sell signal.
A Gartley pattern and a Butterfly pattern appeared on the 15 minute chart with an SSL Hybrid buy signal at roughly $3.02 to $3.07.
The UT bot did not print any useful signals this time around.
Thoughts:
This fakeout has caused the price to sit quite high within the channel. The price rose above the channels and dropped below it, causing the upper boundary of the channel to be resistance in the future. The indicators show weakness in the uptrend and this may lead to more consolidation within the channel before a real breakout occurs. The good news is that target rocketship did hit $3.25 as previously suggested. I look forward to hitting $3.25 again in the near future. 😄