Symmetrical triangle broke down to a descending triangle
RSI on daily still has some room to fall (basically in oversold territory though)
TSV still pointing towards selling pressure /distribution
If we convert the formation to a descending channel, it shows a target of the gap @ ~$16.
We also fell through the middle of the channel (although this doesn't imply much)
$16 is also the next support level if we can't stay above $30
I'm hoping for a reversal above the 200SMA and be bullish, but this seems likely the play for bears. Would need a break above $42 out of the channel for me to remain bullish.
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Price couldn't stay above the 200SMA. Currently at $22. Prediction of direction was correct. Waiting for confirmation of the PT for the bears.
@lhmpangilinan, Possibly, We already had Phase A complete (PSY, BCLX, and AR). I'd argue we may be in Phase B (either heading towards SOW or the ST-B) of a reaccumulation (or a distribution). Also note we may not even have a spring/retest, and may just be a LPS. It isn't until Phase C/D where we'll actually see what the true intent is via price action/volume.