If you just take the descending triangle that is readily observable here at face value, then things look rather bearish. However, we can also now see that a larger symmetrical triangle is coming into view and also a tiny ascending triangle as well (in yellow on the chart).
Given that most people are bearish right now, I am going to take an alternative view and challenge the mostly bearish sentiment. As you can see, we can break either way out of this triangle, but given that we are still very oversold and have still seen no major moves despite major volume, it is possible that we break upward. Consequently, I believe that there is probably more upside right now than there is downside. We have been making lower highs recently, but if we manage to break the most recent lower high, then I believe that is sufficient evidence that the market is bullish rather than bearish.
If, however, it moves past $192 support, that still doesn't rule out a double bottom. Therefore, while the market could go either way, it is prudent to question the rather bearish sentiment in the market right now.
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Given that most people are bearish right now, I am going to take an alternative view and challenge the mostly bearish sentiment. As you can see, we can break either way out of this triangle, but given that we are still very oversold and have still seen no major moves despite major volume, it is possible that we break upward. Consequently, I believe that there is probably more upside right now than there is downside. We have been making lower highs recently, but if we manage to break the most recent lower high, then I believe that is sufficient evidence that the market is bullish rather than bearish.
If, however, it moves past $192 support, that still doesn't rule out a double bottom. Therefore, while the market could go either way, it is prudent to question the rather bearish sentiment in the market right now.
If you love my ideas, then I love you. Please donate:
13M3QoGTj2pjCuCjGdfzdMeoeWheFfXUVp
