OK guys, in my previous chart I said that we will probably go down since we were in ascending wedge
and there was regular bearish
divergence and this really happened, but it happened before I thought it will. Now this is 30min chart and now I think we are in short term downtrend, like I said we fall out of ascending wedge
and we are now trading under the Ichimoku cloud
on 15min and 30min chart, which indicates we are BEARISH
. On the other side on 4h chart we are ABOVE Ichimoku
which indicates BULLISH
. You will ask "What does this mean...?". Well here is my opinion: At the moment we are going down, probably down between 0.382 and 0.5 FIB levels which is in correlation with BEARIS part, but after that we will come back UP to test that long term downtrend line in logscale between 86xx-88xx, which I mentioned in previous chart, and that justifies BULISH part. What will happen if this comes true and we test this line, we will see, we will maybe be rejected, or we could blow through and continue UP which turns us into BULISH momentum.
I personally have a small SHORT position open, which I hope to close around those FIB levels and probably turn into LONG. I DON`T RECOMMEND TRADING as I am, or following my charts, this is just my NEWBIE TA.
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