[UVXY] Wedging Hard at Top of Downchannel.. Just Waiting to POP!
This is an insane wedge we're approaching here aside from the more immediate local downchannel and top of Value Channel (light blue) wedge, which should drive a small pop in the next few days.
See how reactive this top of downchannel S/R is, price has both melted down from and up from this line 10% on a single 2H bar in the past two weeks.
For the broader wedge we have the magenta Core S/R (strongest trend based on spike decay pattern) and the 6M downtrend S/R (we hit this about once every two months) converging with the very strong long term horizontal S/R (white) and the local Value Channel.
I put an orange wall here on Oct. 21st, we're definitely spiking up before then.
See how reactive this top of downchannel S/R is, price has both melted down from and up from this line 10% on a single 2H bar in the past two weeks.
For the broader wedge we have the magenta Core S/R (strongest trend based on spike decay pattern) and the 6M downtrend S/R (we hit this about once every two months) converging with the very strong long term horizontal S/R (white) and the local Value Channel.
I put an orange wall here on Oct. 21st, we're definitely spiking up before then.
Data analyst with a passion for best fit lines B)
