#SIEMENS Rising wedge & hanging man formation
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Siemens on weekly timeframe is forming a rising wedge formation.
It is also formed at the top of the rising channel in which Siemens has been trading from quite some time, generally such formation are formed as ED formation in EW and can be a signal of truncated 5th in its impulsive wave upmove.
Although, this post doesn't deal in great detail with EW wave marking but an indicative wave counts are marked as well.
Weekly chart is also showing a negative divergence and longs need to be cautious here as I have anticipated it earlier as well (link in related idea section) and since then it hasn't moved up much on upper side.
On daily time frame, the script has formed a "Hanging Man", which is also a bearish reversal pattern and most importantly the candlestick pattern has appeared at ATH. Invalidation level for this pattern is any closing above the high of the hanging man candle and if price start sustaining below and closes below this candle, then it will be a confirmation of this pattern which can drag the price downside.
It is also formed at the top of the rising channel in which Siemens has been trading from quite some time, generally such formation are formed as ED formation in EW and can be a signal of truncated 5th in its impulsive wave upmove.
Although, this post doesn't deal in great detail with EW wave marking but an indicative wave counts are marked as well.
Weekly chart is also showing a negative divergence and longs need to be cautious here as I have anticipated it earlier as well (link in related idea section) and since then it hasn't moved up much on upper side.
On daily time frame, the script has formed a "Hanging Man", which is also a bearish reversal pattern and most importantly the candlestick pattern has appeared at ATH. Invalidation level for this pattern is any closing above the high of the hanging man candle and if price start sustaining below and closes below this candle, then it will be a confirmation of this pattern which can drag the price downside.
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Although my view failed earlier, but last few sessions price action suggest clearly why I wasn't any longer bullish here ...
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