Looking at this chart we see many patterns. Our previous trendline up has been broken, and we expected downward movement to 182. However, it seemed to stop at 188. Drawing out the fibonacci retracement pattern, we see that the 50% retracement level has been touched twice, and unbroken. Short term, we also see a falling wedge pattern developing. This would suggest bullish movement short term.
Mid term, we see a bearish triangle forming with the 50% fibonacci level and the down trend, however this could also be construed as a double bottom, suggesting upward movement.
Long term, we see a bullish continuation pattern drawn from last months low to the recent high.
Overall, I expect the downward pattern to continue in immediate short term, followed by short term upward movement, before the market continues it's correction downward. Ending, finally in that spike we've been waiting for.
Let me know your thoughts!
Mid term, we see a bearish triangle forming with the 50% fibonacci level and the down trend, however this could also be construed as a double bottom, suggesting upward movement.
Long term, we see a bullish continuation pattern drawn from last months low to the recent high.
Overall, I expect the downward pattern to continue in immediate short term, followed by short term upward movement, before the market continues it's correction downward. Ending, finally in that spike we've been waiting for.
Let me know your thoughts!
Comment:
Breaking formation forming at bottom of uptrend, we could go down from here.
Comment:
Target HIT. we hit our 182 mark. With volume increasing, we may see a push into the mid 170's.