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"It is what it is department"Key focus
Short term Trend reversal confirmed internals and short term price actions confirm up trend is having a problem and about to end. short term intraday trading time frame it is a little over sold, the different this time is Rips will be sold.
Weekly bearish Harami , need one more down week for confirmation. as you can see on this weekly time frame when RSI(5) >95 market is way over bought it is time for correction but at the same time this is when parabolic occur in the market. If shorting I will pay attention to new ATH that this run is not done. but if no new high, the shorts would be glad that they nailed the top. bottom line it is all about R/R, for now R/R is excellent for bears.
Daily bearish reversal bars are all in agreement, sell first ask question later.
Rising wedge is depending on how you draw them, the end result is the same. we are now breaking down. the confluence price level should be in the low 3200 area.
Short term trend is now down with LL, as you can see last two times it didn't give bears much of a run. well same expectation, more down ahead with the open mind that buyers can just show up and take us to new high again. for now all short term indicators are pointing south. two weeks ago we got the sign of topping process, last week we got sign of fear that it will rise, this week all that confirmed. going into next week I will follow $VIX index or its associates closely, there will be a big fight at $VIX (16). Trade well, Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.