This is not a trading idea, just a general longer-term view of the current situation. Price was moving in the upward (blue) channel, now that channel is broken to the downside and the price is forming a new one(red) in the down direction. The major trendline is also near above, like 200-day EMA. The question is: Which channel breakout do you follow?
If you are bullish, follow the red one, if you are bearish follow the blue one. You can see pole targets for both of them in the same color.
Keep in mind that we are in tough times and the economic situation is not great, so in my opinion, the bear flag is the prior scenario in the next couple of weeks. Feel free to comment on what you think. NFA, DYOR. Stay safe, traders.
If you are bullish, follow the red one, if you are bearish follow the blue one. You can see pole targets for both of them in the same color.
Keep in mind that we are in tough times and the economic situation is not great, so in my opinion, the bear flag is the prior scenario in the next couple of weeks. Feel free to comment on what you think. NFA, DYOR. Stay safe, traders.