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| 5 Min |
Earlier today I mentioned that short term bears should watch out due the falling wedge (LD/ED) option and defense at the 20 day SMA.
Sure enough, the market bounced at the 20 day SMA and out of the falling wedge.
So short term, both options above are looking for either a challenge of the 1427 high or at least a 78% retracement (1420) due to the break out of the falling wedge.
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| 60 Min |
Note how the 5 min count options fit into the larger degree 60 min . The 78% retracement could just be a backtest of the broken rising wedge.
If the green option is correct and wave v of c of Y pokes at a new high, a potential quadruple - MACD divergence could be in the works.
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| Daily BB |
The defense of the 20 day may only be setting up a bounce to backtest the lower TL of the broken rising wedge.
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| Daily |
Double top? The daily MACD confirmed its bear cross today.
