Earlier Forecast 27/3 :( ) is moving in a clear downside bias, where the latest attempt failed to test and break the falling trend. The price could be forming a major , and thus i see the first target at 382.00. A break below 382.00 would be seriously harmful, as the measured move of the triangle formation points to -400$ ( a negative number (of-course this is imaginary number ) but what do you think that could mean?
P.S: I stick to my earlier forecast that will be below $50 soon
Skype: Technician - The forex channel
However, this is not always the case, some technician such as bullkwoski studied samples of the occurrence of technical patterns and their success rates, the truth is all patterns continuation or reversal can occur in various ways, the trend leading to pattern could be up or down. For me I use my own judgment regarding patterns, cause technical analysis is not a pure science thatls why it fails lot. I encourage everyone to do that as well.
In general, I have learned that a descending triangle is a bearish continuation pattern, but I only use what i learned from books as a base to build upon my own conclusions, which may be different.