Back to the 1 Hour Chart where I just put in a new down channel in blue dashed lines. It's probably the most aggressive scenario, but possible.
This channel provides one scenario where price may trade within to get down to the green dotted channel line below where the finger is pointing.
Price has just fallen through support at the red dashed down sloping line and is below all the MAs where the upper finger is pointing.
The channel is narrow and steep so price would have to fall far and fast to stay within this channel.
If it does, it could mean price would hit the green line below within the next 48 hours or so.
I've labeled the wave down and the wave up from the last pivot high as either 1, 2 or a, b...we won't know until we see what this next wave looks like.
Wouldn't be surprised to see an impulsive 3 down revealing this might be a five-wave structure to end this wave,
I do plan to add to some of my positions should we get to that level but will still keep some powder in reserve in case price falls further.
This is not trading advice and is provided for educational purposes only.
Thanks for all the LIKES, AGREES and FOLLOWERS!
Hope this is helping you all!
Leave a comment or two..would love to hear from you.
This channel provides one scenario where price may trade within to get down to the green dotted channel line below where the finger is pointing.
Price has just fallen through support at the red dashed down sloping line and is below all the MAs where the upper finger is pointing.
The channel is narrow and steep so price would have to fall far and fast to stay within this channel.
If it does, it could mean price would hit the green line below within the next 48 hours or so.
I've labeled the wave down and the wave up from the last pivot high as either 1, 2 or a, b...we won't know until we see what this next wave looks like.
Wouldn't be surprised to see an impulsive 3 down revealing this might be a five-wave structure to end this wave,
I do plan to add to some of my positions should we get to that level but will still keep some powder in reserve in case price falls further.
This is not trading advice and is provided for educational purposes only.
Thanks for all the LIKES, AGREES and FOLLOWERS!
Hope this is helping you all!
Leave a comment or two..would love to hear from you.
