Technical analysis by Optimum369 about Symbol PAXG: Sell recommendation (9/30/2023)

🕛 TOPDOWN Analysis - Patience Required Amidst Supply SignalsOverview: The market presents an intriguing picture with four consecutive long-wick candles at the top, signifying a robust supply area. Big players seem hesitant to push prices higher than the previous high, warranting a watchful approach, especially in the context of the yearly chart. On the monthly chart, there is a clear uptrend with a well-defined cup and handle pattern. A substantial buildup at resistance levels suggests a wait-and-see stance, primarily for investors. The weekly chart signals a shift in the price dynamic, indicating bearish control until the last demand area or the next swing target zone.😇 7 Dimension AnalysisTime Frame: Daily1️⃣ Swing Structure: Bearish🟢 Structure Behavior: Breakout from Sideways (BoS).🟢 Swing Move: The impulsive move has achieved its target.🟢 Inducement: Awaiting confirmation; additional sell entry planned.🟢 Pull Back: A solid second pullback.🟢 Internal Structure: Bearish.🟢 Support or Demand Area: Identified as the next profit booking target, decisions will follow after booking profits. Awaiting Support Breakout/CIP at 1899.2️⃣ Pattern🟢 CHART PATTERNSContinuationDescending Triangle break signals a target around 1827.🟢 CANDLE PATTERNSNotable Observations:A record session count with eight consecutive bear candles suggests potential continuation until the target.Momentum indicates bearish candle formation.3️⃣ Volume:Volume has been substantial during the entire move, with no signs of weakening.Volume on the breakout consistently indicates lower volume at base levels followed by significant volume during the follow-up.4️⃣ Momentum RSI:🟢 Zone: Super bearish.🟢 Loud Moves: Price movement transitioning from sideways to bearish, indicating expectations of further bearishness.🟢 Overbought/Sold Rejections: Currently count at 0.5️⃣ Volatility Bollinger Bands:🟢 Move Commencement: Following a Squeeze spanning over 10 candles in the range.🟢 Squeeze Breakout: Expectation of a move outside the lower band.🟢 Walking on the Band: Ongoing trend adherence, with price respecting this trend.6️⃣ Strength ADX:Bears currently exhibit complete control in the market at this point.7️⃣ Sentiment ROC:Indicates that this is the weakest commodity in the last week.✔️ Entry Time Frame: H1✅ Entry TF Structure: Bearish☑️ Current Move: Impulsive.✔ Support Resistance Base: Last established base.☑️ Candles Behavior: Reflects characteristics like RSC, Longwicks, Doji, and Inside candles.☑️ FIB Trigger Event: To be assessed at the sell area.☑️ Trend Line: To be drawn once the price reaches the sell area.☑️ Final Comments: Waiting for the right moment to sell.💡 Decision: Sell at correction.🚀 Entry: 1870✋ Stop Loss: 1884🎯 Take Profit: 1820, 2nd Exit if Internal Structure Changes, 3rd Exit on a trendline breakout or FOMO signal.😊 Risk to Reward Ratio: 1:3.5🕛 Expected Duration: 7 daysSUMMARY: The market exhibits a strong supply area with a need for vigilance. Various charts, including the yearly, monthly, and weekly, provide insights into the bearish sentiment. The daily analysis indicates a bearish structure with planned sell entries. Volume, momentum, and candle patterns further support the bearish outlook. Patience is advised for a well-timed sell. Specific entry, stop-loss, and take-profit levels are provided, with a risk-reward ratio of 1:3.5.