Got a beautiful descending triangle getting drawn on the 1hr chart. These typically break out bearish.
This is very bullish in the mid-long term.
1. Nicely resets the MACD & RSI on the 4hr. 2. Lines up perfectly with previous support/resistance when drawing the price target. 3. Should bounce perfectly on the bottom of the channel, great long opportunity if we can hold the bottom of that channel (drawn based on the current rally starting in July). 4. Gives us an awesome buying opportunity for the next rally to the upside.