Looks like we are inside this pink rising wedge, which is also inside the turquoise nearly horizontal, but also rising wedge.
The bounces seem to be loosing vigor as well... so will the pink wedge be able to break through the turquoise before it converges and the bulls give up?
I think it is more likely that we will bounce off the dotted turquoise resistance line, and head back down to test the solid turquoise support.
I use the dashed lines as resistance, as they are they act like the sky overhead, as we are bouncing off of the solid lines of support.
Rising wedges usually indicate a direction change. This can be confirmed by divergences in the other indicators... such as the RSI or macD.
The bounces seem to be loosing vigor as well... so will the pink wedge be able to break through the turquoise before it converges and the bulls give up?
I think it is more likely that we will bounce off the dotted turquoise resistance line, and head back down to test the solid turquoise support.
I use the dashed lines as resistance, as they are they act like the sky overhead, as we are bouncing off of the solid lines of support.
Rising wedges usually indicate a direction change. This can be confirmed by divergences in the other indicators... such as the RSI or macD.