Journal Entry: It looks like today may be a day of indecision, before I started writing this price had formed somewhat of a long legged Doji. Although Now it is starting to trade back up to the days high, if it does breakout it will be on low volume. I am publishing this to help track my Idea on the 1 hour chart which I have included below and it also has a copy of this chart and more narration. I will continue to update my idea as the framework builds.
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A possible Inverted Head+Shoulders Pattern is 75% completed.
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Today's price action was the result of low participation and the Market Maker continuing to mark the market up. I am waiting for confirmation to see if this was a fakeout (the feint) in which case a reversal back to support of my Hourly Idea is probable, which may also form the right shoulder of the chart pattern.
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Or I am waiting for Price action to be validated by volume and the Insiders to start participating in the move. God Bless.
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After today's close it looks like I will see another leg of the move. I am noting that the bearish wave diverged from the earnings release for Q3. As well price is breaking out of a resistance zone which it may retest on the intraday time frame.
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I think the continuation is really weak so far, although I had a thought that today may not be a sign of a reversal but a sign of bullish pressure in the market.
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My optimism is framed for a bullish continuation however I am cautious that price may consolidate into a reversal, I base the latter on the declining volume and the resistance from the supply line in red.