Bear case: There is a descending triangle and a time cycle of peaks suggesting downside.
Bull case: There is a trendline suggesting upside
General: If the green trendline is broken to the downside, there is no moving average support* until the 20-month SMA and below that there is only the 100-week and 200-week which is well below near the implied target of the descending triangle at 87. The descending triangle should break down by December 7th to satisfy the textbook 2/3-3/4 triangle breakout zone (results may vary). If the trendline is bounced off of and holds through December 7th the bullish target would become the area marked by the green targets which are derived from the trendline and it’s upper channel which is defined by previous rallies off of the trendline. A head fake is always a possibility to watch out for.
*going by the standard 9/20/50/100/200 simple moving averages that I watch
Bull case: There is a trendline suggesting upside
General: If the green trendline is broken to the downside, there is no moving average support* until the 20-month SMA and below that there is only the 100-week and 200-week which is well below near the implied target of the descending triangle at 87. The descending triangle should break down by December 7th to satisfy the textbook 2/3-3/4 triangle breakout zone (results may vary). If the trendline is bounced off of and holds through December 7th the bullish target would become the area marked by the green targets which are derived from the trendline and it’s upper channel which is defined by previous rallies off of the trendline. A head fake is always a possibility to watch out for.
*going by the standard 9/20/50/100/200 simple moving averages that I watch