Only the most recent pattern marked with spots MACD gives me optimism that's why I'm adding cautious on my 2 hour chart. Would have liked to have seen more confirmations in my search for patterns in my MACD.
The four 4 chart was looking bullish but still needs to confirm the crossover and is close to doing so as I publish. In my pattern analysis of the 4 hour chart it has only appeared to reverse and go the other way once. It first went up and then made a crossover down. It went up about $1,000 hit resistance and went about $4,500 down the other way and that happened from 14th January.
The four 4 chart was looking bullish but still needs to confirm the crossover and is close to doing so as I publish. In my pattern analysis of the 4 hour chart it has only appeared to reverse and go the other way once. It first went up and then made a crossover down. It went up about $1,000 hit resistance and went about $4,500 down the other way and that happened from 14th January.
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4 hour bar appears to be going into minus territory. That should not happen if we wanted the market to go up like before. The only time it started going into minus territory the market started heading down instead of up as expected. There is no guarantee that these patterns will repeat again but it would destroy my argument for the market heading up based on previous pattern spotted in 4 hour chart.
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I put in a green horizontal line at $11,375, because based on the previous pattern and the only one I've got to compare with the market did not drop back below the crossover bar low of $10,625.
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Just thought to copy my update on the 4hr chart here too. The stop loss at $11,432 on the 4 hour chart turned out to be a good idea. The next key bar is the MACD trough that I marked with a square (4 hour Chart) it has a high of $11,239 and low of $11,076. If it breaches $11,076 then market could repeat the pattern that happened 14th January when the market went up and then down. There is always a chance the MACD may complete another recognisable pattern instead of heading down. Most of my work covers only February so far and in not much detail going back to December. I have not seen the 4 hour chart behaving like this before which does not help in trying to pick winners.
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Also, glad I put in my stop of $11,375 on the 2 hour chart above.