On the hourly chart we can see a number of different patterns. First of all - triangle with the flat bottom at $8225, which has already worked out. Second - falling wedge with the broken support level. Third - falling wedge with the broken support as well.
As we can see, support levels were broken on all patterns. This fact tells us about the wild bears power. Currently, the price is very close to the wedge's support (descending resistance). If this level is broken, we can expect the price to return to the $8225 level. If the $8100 level is not broken, the downward trend will remain actual.
Every one is so paranoid about the price. Guys just chill.
VincePrince
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Thanks for sharing, I see it similar
MoneyPatterns
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I agree if we can close over yesterdays high of $8179 we get preemptive buy setup today. Another close over today's high will get buy signal (based on 3 day trading rule from Peter Brandt). If we can get to top of Bollinger Bands we can get outta this rut - which feels like big money pushing down price. Buying more cheap doesn't hurt either.
You make good charts Bill. Thanks - just find some bullish stuff in next few months for me :)