Imminent trend reversal (to low 7k's) due to failed attempt to reach upper Bollinger line on the monthly chart (with multiple tries!). Both variants theoretically could exit the triangle positively after the coming correction, but still face a few issues.
Lines were connected using the line-chart (averaged) on the monthly and weekly, and directional arrows are to communicate potential trend changes as approximations only. Zoom out to see the bigger picture. The main support line has been connected correctly, you just might not be able to see the first connected point in the past. You can recreate it using the monthly chart.
NOTE 1: Variant 'A' can be reached with higher than usual volume and has major support by the main trend line (solid blue). It faces some issues with "tight corners" around mid November, where the previous high and the coming low are extremely narrow (proportional to the whole formation) and is technically unlikely to hold thru.
NOTE 2: Variant 'B' can end positive as well, but faces some issues around second half of 2020, as points 1 thru 4 have been completed inside the triangle, piercing thru the main support line would form the 5th point on the triangle's lower trend line. This opens up the possibility for a 'partial ascend' and reversed breakout down below to (much) lower levels.
Lines were connected using the line-chart (averaged) on the monthly and weekly, and directional arrows are to communicate potential trend changes as approximations only. Zoom out to see the bigger picture. The main support line has been connected correctly, you just might not be able to see the first connected point in the past. You can recreate it using the monthly chart.
NOTE 1: Variant 'A' can be reached with higher than usual volume and has major support by the main trend line (solid blue). It faces some issues with "tight corners" around mid November, where the previous high and the coming low are extremely narrow (proportional to the whole formation) and is technically unlikely to hold thru.
NOTE 2: Variant 'B' can end positive as well, but faces some issues around second half of 2020, as points 1 thru 4 have been completed inside the triangle, piercing thru the main support line would form the 5th point on the triangle's lower trend line. This opens up the possibility for a 'partial ascend' and reversed breakout down below to (much) lower levels.
