A possible completion of a descending triangle.
Hi all!
I believe we are watching the completion of a 6 months descending trianlge as seen in the graph. Breaking the bottom, horizontal trendline at 6k could open the road to ~4300 (0.786 fib level from 99 to 20K). On the other hand bounching back up at 6k would create an RSI reserval signal and if this would be followed by a breaking of the above descending trendline, could open the road to check 20k (longterm).
Of course all these are just my thoughts.
Trade wisely.
I believe we are watching the completion of a 6 months descending trianlge as seen in the graph. Breaking the bottom, horizontal trendline at 6k could open the road to ~4300 (0.786 fib level from 99 to 20K). On the other hand bounching back up at 6k would create an RSI reserval signal and if this would be followed by a breaking of the above descending trendline, could open the road to check 20k (longterm).
Of course all these are just my thoughts.
Trade wisely.
Comment:
Update: The above descending trendline has yet to be checked again. Today can be found at ~6300. 6k on the other hand has been ckecked twice and holding strong.
3 days to come...
3 days to come...
3rd Day: Market dipped at 5760 (round number if this means anything at all) and closed again above 6k (~6151) with good for the time volume. As it seems bulls pick it up below 6k.
4th Day: Today I think it could be a good opportunity to test once more the upper descending trendline at ~6500. We'll see...
5 days to come including today's...