The triangle broke down.
I am looking for a confirmation of the breakdown, the best case would be if the purple line of the triangle is retested. This would create a new setup:
If price goes back above it, it could be a Wyckoff spring failed sell off.
If price test the triangle again and cant hold above it, it should be the confirmation for the bearmarket to continue.
Without a retest its not yet a setup I am interested to trade. Nevertheless bears are confident and opening shorts, I would expect with a stop around $7500.
I am looking for a confirmation of the breakdown, the best case would be if the purple line of the triangle is retested. This would create a new setup:
If price goes back above it, it could be a Wyckoff spring failed sell off.
If price test the triangle again and cant hold above it, it should be the confirmation for the bearmarket to continue.
Without a retest its not yet a setup I am interested to trade. Nevertheless bears are confident and opening shorts, I would expect with a stop around $7500.
Comment:
back at the purple line now