I find myself very hesitant to short this market, even tho confirmation signals are all met. Close above descending trendline ✅, close above 10 day sma ✅, DSS bressert crossed bullish (bearish) ✅, swing low pattern ✅ Let the cycles cook ig
With $XLE potentially closing above the 10 day sma as well as the descending trendline, this could signal the DCL is in. $HAL being closely correlated to XLE could play as a higher beta asset. It looks very attractive for R/R ratio with price being this close to its WCL.
@ConvexEdgeX Okay, very cool I agree. Thank you! Have you personally backtested it yet or is this your backtest in real time? I have yet to fully backtest the strategy but am looking to complete it soon
@Sijustan@ConvexEdgeX The daily cycle low was still above the previous cycle low. That indicates there is still strength and the trend could continue higher. If a daily cycle low fails, meaning price moves lower than the dcl, then that indicates weakness
@ConvexEdgeX I've been seeing the same thing. Sentiment doesn't seem to match a top though. Maybe we need one more flush to make everyone scream "TOP" before moving higher? Or maybe this could be the top