How do you feel about my chart?
I would love to have this pattern here because the reversal signal is clear to me. First, 0.5 level fib line is also a trend line for me. From the pattern, we can see that the price forms a rising wedge pattern, the 0.5 level fib line is the upper trend line. So, the sale pressure from the fib line could be hard. Also, the rising wedge pattern is a downward trend signal. The ADX is low because the trend now is not strong. The price is tired, every growth is less than before. Another signal is RSI, which is comparatively high.
For all the signals we have, let’s wait for the downward trend.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.