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Daily chart
The small dashed trend lines join the 100 day lows. Price is breaking down under the last 100 day
low trend line, whilst time wise, targeting the 75 day low. Given the pattern
of the momentum study, I assume we are in ‘a’ of ‘c’ from the top, with the
next trend line down, the eventual target.
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240min Chart
Price is breaking through the 25day FLD (green) and pushing
the 8hr bollys. The 4hr momentum study is looking leggy already but with the
FLD over to the right now, a diagonal that grinds down that until the vacuum
appears past the bottom turn, may occur instead of a break back through. The
longer momentum studies look early in their journey, so anticipate the ‘a’ leg
from above to be right.
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10min chart
3 red bars suggest the bearish theme but getting going
rather than not. Price is pushing the lower boundaries of the daily and weekly
envelopes and is a way from the pink FLD, which is too leggy for me to short
right here and now. Something nearer the daily pivot would be great.
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