Hopefully you're right! I think the main concern for me regarding the 8EMA ( I also have it on my chart) was that it seems to be losing gradient and potentially starting to roll over a bit, then when I saw that potential descending triangle I put 1 and 1 together. However, the MACD on the 1hr looks like it's about to cross to the upside so hopefully we break out upwards!
Considering the 200EMA was a non-event on the way up, I assumed it would be a non-event on the way down too. I was putting more weight on the 21EMA for support on the way down (if it happens) as it has been validated as support several times on the way up. Thoughts?
I'm also concerned regarding the potential head and shoulders pattern forming on the 1hr? The second shoulder broke past the first shoulder so I'm not sure if that still "counts". If it does, then the descending triangle downwards breakout would finish the head and shoulders too. Not so good. Care to shed some expertise?
Cheers
IMUGENE CHART. TA only, page-17781
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