Considering this is a triangle and most of the time triangles are continuation I can see why people think it's going to break up.
But after a big rally that we had to get us to 10k we need some relief. You can see that tension is building with the converging of the MA's and the increased pressure with Volume.
I believe it's going to breakout downwards. Because if it does so, it will break down and find support at the "Golden Pocket" / 68% Fib Range. Which is also exactly where the 200 MA rests on the 1D.
TLDR. I believe it will break downwards out of the big triangle that's been forming. So that it can find support at the 68% Fib level. And touch the 200ma one more time before the impulse waves continue. But I believe we will see 8k before we see 12k.
But after a big rally that we had to get us to 10k we need some relief. You can see that tension is building with the converging of the MA's and the increased pressure with Volume.
I believe it's going to breakout downwards. Because if it does so, it will break down and find support at the "Golden Pocket" / 68% Fib Range. Which is also exactly where the 200 MA rests on the 1D.
TLDR. I believe it will break downwards out of the big triangle that's been forming. So that it can find support at the 68% Fib level. And touch the 200ma one more time before the impulse waves continue. But I believe we will see 8k before we see 12k.
Comment:
Looks like the 4hr closed under the support line. Signifying the breakout. Still watching closely for Trap.
