Price is moving into a rising channel where we see it heading towards the lower parallel, into a corective structure. In case we see it reaching the parallel we should start watching closer for a buy setup completion, aiming for the upper parallel.
Comment
⋅
Still waiting for price to reach the lower parallel of the channel, we have a short term sell opportunity we may take. Price has developed a bearish flag and selling the breakout, aiming for the lower parallel is a nice idea:
Comment
⋅
The bearish flag worked great after the breakout with price reaching the lower parallel of the channel. We may start watching for a buy setup from now on as described at the initial post:
Comment
⋅
We catched the small move to the down and we now focus on our initial plan which is a buy setup. Price after reaching the lower parallel it bounced, moving up breaking above the upper parallel of the smaller descending channel. In case we see a correction above the broken trendline, most likely that we would be the setup we are looking for.