In the previous chart published, the downside was only partially without the major follow through expected. See
So at the time only scratched trade at worse. It was based on weekly chart so not completely surprise and should have wider margin before completely discounting or calling it failure.
So revisiting this chart, overall all reasons given earlier are still valid. Now at nearly 50% retracement of what I think is wave 3 decline and approaching the down trend channel resistance line. If correct this now appear very interesting with relatively reduced risk in terms of where the stop needs to be and could be already breaking down.
One to monitor for sure for potentially a major decline that could last several months if the downtrend develops.
As always do you own analysis.
So at the time only scratched trade at worse. It was based on weekly chart so not completely surprise and should have wider margin before completely discounting or calling it failure.
So revisiting this chart, overall all reasons given earlier are still valid. Now at nearly 50% retracement of what I think is wave 3 decline and approaching the down trend channel resistance line. If correct this now appear very interesting with relatively reduced risk in terms of where the stop needs to be and could be already breaking down.
One to monitor for sure for potentially a major decline that could last several months if the downtrend develops.
As always do you own analysis.
