I'm suggesting this is one version of two that I have about the possibility that this is the start of a descending triangle pattern. Because it's a longer term pattern, that gives us opportunities within that time if we can identify 1. If it's actually a descending triangle (can only know on the next low) and 2. Figure out which one of my two charts marks the swing high (current rally high).
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I'm now pivoting to try to identify the range we're in. The predicted path from this post two weeks ago is starting to drift. I'm putting this alternate pattern forward in this link. Please click on the link and look for updates going forward on that post.
I am holding off on making a trade until the second week of March to get a better picture as to how this will play out. I need to see bear divergence first and I don't see it yet.
SOXLite
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Based on today's and Friday's price action with the resistance encountered at the extended neckline on those days rather than the old channel support line turned resistance this appears to be the right call imo. Thanks for sharing.
RHTrading
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@SOXLite, I think my 2nd descending triangle chart is playing out better.