The bright green line is the bottom of a daily chart descending triangle.
The bright blue triangle formed in the purple channel really confused me when it broke out as it went down and then up.
I'm seeing what I believe to be a flag.
It has retraced just over 38% of the previous downtrend which is about up to where flags retrace.
So I'm looking for a break to the down side and then I'm not sure yet if I'm going to wait for the break down past the descending triangle or take the trade when the flag breaks.
Lets see what happens :)
The bright blue triangle formed in the purple channel really confused me when it broke out as it went down and then up.
I'm seeing what I believe to be a flag.
It has retraced just over 38% of the previous downtrend which is about up to where flags retrace.
So I'm looking for a break to the down side and then I'm not sure yet if I'm going to wait for the break down past the descending triangle or take the trade when the flag breaks.
Lets see what happens :)
Turns out not to be a flag.
It's either going to break the downtrend and start an uptrend or bounce off of the purple resistance and hopefully break down through the larger timeframe triangle.
My money is on the downtrend.
Lets see what Happens :)