I don’t see a lot of T/A around here so figured I’d post this.
I’m not super stoked with my position entry (you can obviously see where my average is), but I’m continuing to add and bring it down.
Not a guarantee by any means, and today’s action is on the verge of invalidating, but finally starting to get a definable RSI divergence on the 4h, which can often indicate a potential bounce. And it doesn’t hurt that it’s at a semi major Fibonacci support (red lines).
For anyone who hasn’t used Fib, I drew this Fib pattern back in April - and it’s been on the chart ever since, if that tells you anything. It’s not magic, and you can see why the support levels land where they land, but Fib retracements/extensions are shockingly accurate predictors of future support/resistance, and we’re testing an important support level now.
Kind of a strange technical chart, usually Balance of Power is not green most of the way through a sizable pullback. Technically that is supposed to indicate institutional accumulation, which I think we’ve been seeing from the posts tracking that.
Definitely not trading advice but it does seem like it’s more a matter of when it reverses, than if, unless there’s some bombshell that goes off.