TRIAS - Long Term Outlook
I'm trying to plan my future positions with TRIAS, the next few months and key levels will give me more conviction on bias.
TLDR:
❌️DECLINING VOLUME
❌️DOUBLE TOP RESISTANCE
❌️DISTRIBUTION TOP/ ELLIOT WAVE COMPLETED
From an accumulation bottom, a big first half to the year sees a double top pattern. Once you see the volume and volume profile data you see two things:
1) Volume has steadily and consistently tapered down from the absolute low
2) I read the Volume profile as about half of the buyers at low prices have offloaded around the middle, leaving long term holders either holding for a "bull run" or being shaken out in a capitulation event.
The only way this becomes invalid is if price wants to get above and close a weekly candle above the $4 mark and up volume increases.
Targets from FIB .618/.786, Volume profile and S/R levels are:
Gold box at $2
Blue box at $1.50
Obviously wait to see how market reacts around these levels.
Would love to hear your ideas 💡
TLDR:
❌️DECLINING VOLUME
❌️DOUBLE TOP RESISTANCE
❌️DISTRIBUTION TOP/ ELLIOT WAVE COMPLETED
From an accumulation bottom, a big first half to the year sees a double top pattern. Once you see the volume and volume profile data you see two things:
1) Volume has steadily and consistently tapered down from the absolute low
2) I read the Volume profile as about half of the buyers at low prices have offloaded around the middle, leaving long term holders either holding for a "bull run" or being shaken out in a capitulation event.
The only way this becomes invalid is if price wants to get above and close a weekly candle above the $4 mark and up volume increases.
Targets from FIB .618/.786, Volume profile and S/R levels are:
Gold box at $2
Blue box at $1.50
Obviously wait to see how market reacts around these levels.
Would love to hear your ideas 💡
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