Point and Figure Chart:
We have broken down from our range 3 days ago. We have recently resolved a long pole of 12 O's from 6/13. A pullback to $4,499 would complete unresolved long pole dating back over 8 months ago and is our next likely long-term target. Short term, we have a recent unresolved long pole of 16 O's from 6/10, a move above 7,040 would resolve 50% of the pole.
A look at trendlines and regular RSI divergence:
These are what I am watching as far as major trends go. We are in a downward trend with great risk of breaking into an even steeper downward trend. But for now, the Risk:Reward is on the bulls side. Despite being near support, longs should be extremely careful: we are in a downward trend on weekly, daily, and 4 hour timeframes. Shorters should wait for a better entry, ideally risking off previous support trendlines (7230) or volume node (7550), but in this environment we just might not reach that entry point.
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