Revisiting and readjusting previous charts. So far we completed Step 1 and step 2. I've modified the falling in wedge into what looks like a decending channel now. We DID NOT accomplish step 3, which was hitting a higher high. It was close, but no cigar.
Right now the 4 hr is also showing bearish divergence. We could very well be heading back down to mid channel resistance and the golden pocket.
Lets think long term. If this scenario plays out, we could be building a pretty substantial inverted head and shoulders to give us the REAL momentum need. The target would establish a higher high from the last bull run and a reversal of the trend may occur.
Right now the 4 hr is also showing bearish divergence. We could very well be heading back down to mid channel resistance and the golden pocket.
Lets think long term. If this scenario plays out, we could be building a pretty substantial inverted head and shoulders to give us the REAL momentum need. The target would establish a higher high from the last bull run and a reversal of the trend may occur.