The recent market structure shows the formation of a Quasimodo (QM) pattern. After breaking the descending trendline, price created a lower high followed by a slightly higher high, which is a typical signature of the QM setup. This pattern often signals a potential shift in market direction as liquidity is taken above previous highs before a new impulse move develops.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.