FCPO - Uphtrust before short term correction?
The story :
Price had been increasing steadily in the past weeks, and currently hovering below the resistant line A which was a major high pivot back in March 2020.
There was a Shortening of Thrust on the upmove recently (compare up move 2 with up move 1), which is a sign of weakness.
On the Weiss wave indicator below, we can see that the cummulative volume of the up wave had been getting smaller (1 > 2 > 3 ), indicating weakness. The down wave between upwave 2 and 3 (red down arrow) had the highest downwave volume so far this week, and this might indicate a bearish change of behaviour.
During the latest upmove 3 also there is a no demand bar (B), which is a small spread up bar with light volume (lesser volume than previous 2 candles). This is followed by an upthrust bar C.
I'm looking forward for price to move down ward till the horizontal line D, which was a previous major resistant line.
Trade at your own risk, comments are welcomed
Price had been increasing steadily in the past weeks, and currently hovering below the resistant line A which was a major high pivot back in March 2020.
There was a Shortening of Thrust on the upmove recently (compare up move 2 with up move 1), which is a sign of weakness.
On the Weiss wave indicator below, we can see that the cummulative volume of the up wave had been getting smaller (1 > 2 > 3 ), indicating weakness. The down wave between upwave 2 and 3 (red down arrow) had the highest downwave volume so far this week, and this might indicate a bearish change of behaviour.
During the latest upmove 3 also there is a no demand bar (B), which is a small spread up bar with light volume (lesser volume than previous 2 candles). This is followed by an upthrust bar C.
I'm looking forward for price to move down ward till the horizontal line D, which was a previous major resistant line.
Trade at your own risk, comments are welcomed
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