Looking at the bigger picture we can see that the price has formed a big channel in the last couple of months and has been moving inside ever since. The price just bounced from the upper resistance line and is now making a bearish run. The price is now correcting its big bearish move by stopping at the previous support/resistance level. Now we are expecting either a sideways move before another bearish one or even a smaller bullish run before reversing. After the breakout of the line, the price should make a huge bearish move!
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Feel free to grab a copy of our Free Weekly Market Outlook here:
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