Going for the final Resistance Rejection

After yesterday's rejection a strong Three Inside Up bullish 4H candle pushed the price back over 7,600 again (STOCH = 52.471, CCI = 17.2426). This sideways movement, without an apparent direction for the short term, establishes the new Channel Down on 1D (RSI = 44.393, MACD = -253.100) within the blue dotted lines. If we look for similarities with the 2014/ 2015 bear cycle we can see that the 693.9 peak was made on the 8th June 1W candle then still traded for a month sideways before it started declining again to a new low in early October. We've found many common contact points with this cycle in the past that helped at determining High and Low points, so if this is not any different, the current price remains a solid short entry for medium term traders. The current 1W Descending Triangle (RSI = 46.520, Highs/Lows = 0, B/BP = -2076.2682) will break below 6,000 but the process will be slower than what most expect. We continue shorting (TP = 7,100), with every spike to 7,923.60 used as a short entry. Breaking of 7,000 will see us short again for the 6,446.20 support on 1W.