of the several potential patterns we've been watching over the past couple weeks, one by one has slkowly been eliminated from contention (most recently the adam and eve double bottom) and now we are left with only the standard 1 day bull flag. We just managed to confirm support on the 1 day 200ma after wicking below it which is clutch because flipping the 200ma back to solidified support at this point would likely mean the bull market will be put on hold indefinitely and we will swing back into a bear market so keeping support on the 200ma is key to saving the current bull market and having the current deathcross end up as a fakeout. If we do breakout the target for the bull flag breakout is the 11.6-11.7k area. I will leave this idea neutral and will await breakout or breakdown confirmation before I choose a side.
I would recommend redrawing you're down trend line from 14k or looking at others and you will see that we are still in the down Channel and Have Not broken above it.
DrDovetail
⋅
@Senior_Lodenstein, true we are technically still inside a downward channelbut that doesn't mean we haven't also broken above a valid falling wedge at the same time that can eventually lead us to break up from the channel. Thank you though I am aware of the channel.
DrDovetail
⋅
@Senior_Lodenstein, also I have just posted a new idea focusing on the channel turns out its also a massive bull flag on the monthly chart.