Long
REN | 940%+ Bullish Wave Mapped
We have mainly two signals here but we can work with these:
1) Falling wedge pattern
2) Rising vs decreasing volume
The falling wedge pattern can stand on its own as a bullish signal. It denotes a major downtrend and when the action reaches the apex of the pattern, it can signal that a reversal is really close.
As we get to the end of the pattern a new All-Time Low is hit; early January 2024. And this leads to a mixture of volume signals. We have rising bull-volume and very low bear-volume; which is double bullish.
➖ As a new low hits and volume drops, it means the bearish trend is losing strength.
➖ As a new low hits and buy volume increases, it can signal that the low/bottom is close or in. (Because the high buy volume indicates that market participants are buying.)
Both volume signals support the falling wedge pattern as a bullish reversal pattern.
Last week we have a full green candle with a big real body and this week is working as short-term consolidation; this is candlestick reading.
With the low hit in January, this combination of signals are pointing to an upcoming change of trend. It can happen within 1-2 weeks just as it can happen within days.
Good luck and great profits.
Namaste.
1) Falling wedge pattern
2) Rising vs decreasing volume
The falling wedge pattern can stand on its own as a bullish signal. It denotes a major downtrend and when the action reaches the apex of the pattern, it can signal that a reversal is really close.
As we get to the end of the pattern a new All-Time Low is hit; early January 2024. And this leads to a mixture of volume signals. We have rising bull-volume and very low bear-volume; which is double bullish.
➖ As a new low hits and volume drops, it means the bearish trend is losing strength.
➖ As a new low hits and buy volume increases, it can signal that the low/bottom is close or in. (Because the high buy volume indicates that market participants are buying.)
Both volume signals support the falling wedge pattern as a bullish reversal pattern.
Last week we have a full green candle with a big real body and this week is working as short-term consolidation; this is candlestick reading.
With the low hit in January, this combination of signals are pointing to an upcoming change of trend. It can happen within 1-2 weeks just as it can happen within days.
Good luck and great profits.
Namaste.
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