If We Go Above $1,565, a Descending Wedge Will Be Rejected.

I thought it was important to share a little bit of lower time frames to emphasize we are currently experiencing upward pressure which will help us determine if we are in a descending wedge by the time this upward pressure comes to a close. Simply depends on where our price action goes up to. We still have a decent chance of $1,600 by year end. However, that may not come to fruition until AFTER a POSSIBLE descending wedge has played out. Bottom Line: We need to see what the current price action goes up to before drawing a conclusion on a "Descending Wedge."

Commentaire:

Also, if we go above $1,565, we should see $1,600 quite easily before year end.

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24h TF: Also pay close attention to FIB levels in this descending channel.

Commentaire:

My Bad... Had a brain fart. I meant to say, "Descending WEDGE."

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If you decide to place FIB's on your 24h Chart and you are in LOG SCALE like I am, BE SURE to...

#1 - Make sure you go to "Settings" on the FIB and click "Style" then scroll down till you see "Fib Levels based on LOG scale" and CHECK that box.

#2 - Make sure your 0.0% Coordinate is at the HIGH and your 1.0 or 100% coordinate is at the low.

Commentaire:

I placed different color circles on the following Daily (24h) chart for you to see what I mean by paying attention to FIB levels on what may be another potential Descending Wedge. I'm NOT saying the price action will play out exactly to each circle I've drawn at various FIB levels. I provided the circles to give you perspective.