After giving the market time to play out, I've been noticing too often that certain retracements are not backing a bull market or reversal.
Checked multiple time frames respecting 61.8 retrace zones. Stochatics on bigger charts support bear continuation oppose to a bullish run at the moment.
Even with that break out we had, that break out had respected a 61.8 retrace on H4 Chart. H1 Chart even though we had a moment of convergence supporting a bullish trend, that idea got squashed as this pattern played out.
At the moment this is a possible Bearish Triangle Pattern play, and things may change, but from my top down analysis everything is still Bearish in nature.
Happy Hunting.
Checked multiple time frames respecting 61.8 retrace zones. Stochatics on bigger charts support bear continuation oppose to a bullish run at the moment.
Even with that break out we had, that break out had respected a 61.8 retrace on H4 Chart. H1 Chart even though we had a moment of convergence supporting a bullish trend, that idea got squashed as this pattern played out.
At the moment this is a possible Bearish Triangle Pattern play, and things may change, but from my top down analysis everything is still Bearish in nature.
Happy Hunting.