We are in a descending channel from the highs that are holding very nicely. After the last bounce from support we pushed up to the top of the channel which was also a 1.272 target from the decline. We are drawing a nice flag here (purple lines) and I would expect the flag to fail and retrace to the bottom of the channel and find symmetry (red lines) before resuming up. If we break out above the channel I would be a bull but cautious around 360 for a pull back, other wise I would expect further retracement into this channel (potential buying areas would be when the channel line converges with symmetry and price hits.
I would see that as a very strong opportunity for a bounce!
Cheers
I would see that as a very strong opportunity for a bounce!
Cheers
Comment:
Hope some people were able to catch this short, if you werent look for the long entry at the bottom of the trendline!
Like if you made some money$$$
Like if you made some money$$$
www.tradingview.com/chart/c66bzoL2/