The ending is supposed to mention the lower edge which matches up with the previous 8200 . From there we can ride this zone up the before re-testing the and proceeding to the opposite, upper outer edge (if ). OR we fail and drop down to lower levels and test the circa 7000 support.
I would expect this to complete and retest the resistance around $11,175 before potentially dipping lower.
This is a key area to watch and potentially worth taking some profits if you are shorting. If we fail this level of support we will likely drop down to the next level around 7900-8100 - the lower level matches up nicely with the lower edge support trendline of the pitchfork.
If we fail that the next support zones are circa 7k and 6k respectively. If the 7k support zone fails, our current pitchfork will be invalidated.
I decided to run some post analysis on this and we can see there's multiple stacked head and shoulders on the 30min and hourly timeframes around the support trendline, which could help to explain the volume increase today.
Looking at the 4hr chart we've formed a double bottom from the solid support in this zone, our next resistance looks to be the 4hrkijun-sen at around 10k:
This matches up nicely with the Daily Tenkan-sen line. Our next three key areas to watch for are 10k (Daily Tenkan-sen), 1.5k (Daily Kijun-sen) and 11k (Daily lower cloud resistance).
Short term I would expect to see us pierce through the daily Tenkan-sen at 10k and look to challenge the daily Kijun-sen at 11.5k. If this is successful the real challenge is at the base cloud resistance at 11k as this is also where the bearish resistance trendline is.