Inside a bearish
leg of a sideways action
, one might say, but I would say criss-cross pitchforks
power. As you see, the price failed to reach the upsloping LMLH, thereby creating a double bottom
, shown with the green arrows on the chart. The SL is broken by the final bullish
bounce, indicating further buying is due. The MML has been reached, signaling a consolidation prior to the continued upward action
. It is highly likely that the horizontal support will be tested again, but the bears will hardly be able to break it down.