Here on the monthly time frame price is creating a squeeze an ascending wedge. Inside this wedge we have another ascending wedge forming on the daily time which is marked by the blue trend lines. I have also marked out monthly zones and we are nearing an area with a lot of sell sensitivity.
The arrows also show where price has touched the trend line.
I am looking for a third touch on the monthly time frame which confirms to me as sell.
However, we are entering a heavy supply area and have touched the blue trend line (daily trend line) three times which signals a sell to me.
Will price reject this level and move back to the downside, then rally back to the upside to touch the monthly time frame for the third time?
Keen to know thoughts,
Thanks
Nath
The arrows also show where price has touched the trend line.
I am looking for a third touch on the monthly time frame which confirms to me as sell.
However, we are entering a heavy supply area and have touched the blue trend line (daily trend line) three times which signals a sell to me.
Will price reject this level and move back to the downside, then rally back to the upside to touch the monthly time frame for the third time?
Keen to know thoughts,
Thanks
Nath