The price action is just so interesting on the 15 minute chart I just had to post it
I added another blue dashed down channel line where price has last occurred which now looks like a mature channel where price action in the near term may occur.
Price has risen back above the lower red dashed channel line but has run right into the 200MA on this timeframe.
I've initially labeled these last two waved as (i) Dn and (ii) Up with price staying below the last high pivot point indicated by the Orange line above. If a strong wave (iii) down does not occur soon, something else may be happening.
Price action at this juncture may give validation to the blue dashed down channel lines or more modification may be necessary.
If it is validated, one may expect price at some point to hit the bottom channel line again at least once.
Keep in mind this is the THIRD attempt to get over the 200MA which may indicate a further pull back if it fails to do so.
Love to watch the price action against these channel lines.
I added another blue dashed down channel line where price has last occurred which now looks like a mature channel where price action in the near term may occur.
Price has risen back above the lower red dashed channel line but has run right into the 200MA on this timeframe.
I've initially labeled these last two waved as (i) Dn and (ii) Up with price staying below the last high pivot point indicated by the Orange line above. If a strong wave (iii) down does not occur soon, something else may be happening.
Price action at this juncture may give validation to the blue dashed down channel lines or more modification may be necessary.
If it is validated, one may expect price at some point to hit the bottom channel line again at least once.
Keep in mind this is the THIRD attempt to get over the 200MA which may indicate a further pull back if it fails to do so.
Love to watch the price action against these channel lines.
