The bear flag that is all the rage now:
SO FAR....price has held the lower channel, and has done so triggering a 3d long entry (highlighted).
Which means we could get a decent shakeout rally to test overhead resistance. If the most immediate resistance holds then we could look for a mini flag at this lower channel before rapidly lower price discovery.
The 15-min 3d setup may go green at this point which indicates a shot at some overhead targets/resistance, so it's a matter of gauging rejection or acceptance at those higher levels.
The higher time frame has a bearish leaning (Daily showing a tick down in the fast line (2c criteria which hints at a possible continuation sequence lower). We could have a quick test lower that is met with buying (perhaps a low on softer momentum), just as we could have a rapid test upward that is met with rejection.
Further split time frames; could test higher, watching for sign of strength or weakness at the overhead resistance (red) or lower support (green) levels. A serious vacuum could open under the $112.25 area
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.