First off, there is a monthly Ascending triangle
. The orange lines represent monthly zones. The circles show the touches of the trendline
zone. So the monthly has some uptrend structure. When we look down at the Daily chart
, we see at the market is currently in a downward parallel channel
. However, I'm looking at it bouncing off of one of the bottom two green support zones with confluence of the trendline
to continue that monthly uptrend and make it to the monthly resistance that the arrow stops at on the monthly chart at least. For now, I'm looking for it to possibly push back up to the top of the resistance line on the channel then come back down to one of those bottom 2 green supports then go up, or to break the resistance of the parallel channel
retest it and start the uptrend now. Either way, I'm seeing that push up for the monthly ascending coming soon. I don't see this downtrend going down past those two bottom supports. But, we know these markets do what they want. So I could be horribly wrong. We will see.
Trade at your own risk, I am not a professional and this is not professional advice. I just read some books and think I know a little something.