Wells fargo market structure
This is just a quick one.
They recently had several billions dollars in money laundering violations and fines. The big red candle was the resulting sell off. it sold off to exactly the 50% of the last low.
the "bounce" from the over reaction is already at the 50% fib, which is usually where i would look to take off a short term position
For now and without researching more current business prospectus , i would watch to see how either the near term order blocks behave.
no clear trade on the high time frame.
stoch is indicating an attempted reversal but that could be in reaction to gain mentioned above (as the sell off was is what caused the resulting signal line impulse to the lower level.
They recently had several billions dollars in money laundering violations and fines. The big red candle was the resulting sell off. it sold off to exactly the 50% of the last low.
the "bounce" from the over reaction is already at the 50% fib, which is usually where i would look to take off a short term position
For now and without researching more current business prospectus , i would watch to see how either the near term order blocks behave.
no clear trade on the high time frame.
stoch is indicating an attempted reversal but that could be in reaction to gain mentioned above (as the sell off was is what caused the resulting signal line impulse to the lower level.
Kommentera:
better chart
Kommentera:
3d shows the sell off at the 50% i was talking about.. stoch is indicating caution in the shorter timeframe trades.