Price action in a Fib Retracement.
Price seems to be stuck in the .382 channel without the price touching at .382 Fib line yet.
I am looking for price to make lower lows and a clear testing at FIB lines of: .382 or .500 or .618
When these lower price tests occur I will be looking for clear price bar signals and bullish patterns. Patterns like, divergence, reverse H & S, Relative Strength and other indicators for example.
As for now, as of publishing time, I see no reason to go long yet.
Price seems to be stuck in the .382 channel without the price touching at .382 Fib line yet.
I am looking for price to make lower lows and a clear testing at FIB lines of: .382 or .500 or .618
When these lower price tests occur I will be looking for clear price bar signals and bullish patterns. Patterns like, divergence, reverse H & S, Relative Strength and other indicators for example.
As for now, as of publishing time, I see no reason to go long yet.
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Analyzing the Weekly price action in reference to the RSI indicator.
I have cross referenced with Green and Pink Arrows.
Seems to me like a high chance we should still see PA to trend bearish.
I have cross referenced with Green and Pink Arrows.
Seems to me like a high chance we should still see PA to trend bearish.
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see what happens, keep monitoring TA and watch how it goes out.
Could be into the first part of Jul 2023
Could be as quick as a few days.
Could be into the first part of Jul 2023
Could be as quick as a few days.
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This linked chart is the continuation of this original post chart. Also I need to add in the 1W RSI follow up picture from a few updates before/above.
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Okay here is the comparison RSI chart continuation from the first comment update above. I have zoomed in on the dates, so the referencing is mostly year 2023.
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This should be my last update for this chart.
Can you see the H & S on the RSI and MACd indicators ? (if U bring up UR own chart)
This PA in relevance to said "indicator - H&S" is what I call as a "smooth'd over trend reversal" signal. Once the Weekly RSI is floating down under 50% Strength it will draw a heavy weight on any type of PA Bull movement until it reposts a Strength of over 50%.
Also, as of Saturday Sept 09, 2023 today, I do show the Daily and 4 hour indicators wanting to move up from their under 50% positions. In this case we should see a price spike pressure upwards, their respective RSI's up over 50%, till the Daily and 4-hr decide to climb down under 50% to reset again. I still hold an overall BIAS towards a Bearish outcome over the next few months, which means a lower low from todays PA in the year 2023 still to come.
Can you see the H & S on the RSI and MACd indicators ? (if U bring up UR own chart)
This PA in relevance to said "indicator - H&S" is what I call as a "smooth'd over trend reversal" signal. Once the Weekly RSI is floating down under 50% Strength it will draw a heavy weight on any type of PA Bull movement until it reposts a Strength of over 50%.
Also, as of Saturday Sept 09, 2023 today, I do show the Daily and 4 hour indicators wanting to move up from their under 50% positions. In this case we should see a price spike pressure upwards, their respective RSI's up over 50%, till the Daily and 4-hr decide to climb down under 50% to reset again. I still hold an overall BIAS towards a Bearish outcome over the next few months, which means a lower low from todays PA in the year 2023 still to come.