Quoting mickeymickeyDislikedI'm looking at a 30 minute chart right now and it looks like an ascending triangle is forming. I don't use chart patterns that often though, so I'm not too confident in that. Anyone else see an ascending triangle here?Ignored
It is there on the 30 min. however on the 4hr/daily/and weekly, we have ascending wedge which in the long run typically indicates a bearish signal, not always, but the majority of the time. I believe this is also confirmed by the fact that the rest of the world is back trading from late last week and we still haven't seen a continuation of the upmove. The more time that goes by with little upward momentum favours the downward correction indicated by the upward wedge on the longer timeframes. The 30 min shows a bullish triangle which could see the price go to the 9500's maybe, but the overall wedge says down. The news tomorrow should tell the story.
Northpro