Strong breakout of triangle formation, more downside expected
Expecting price to move more downwards within the bigger falling wedge of the weekly channel (purple).
Comment:
Long term perspective. First interesting zone on above chart is 11.50-11.10, which is the fib 1.1618 (golden mean) and possible end of wave 3 on my proposed impulsive wave pattern.
Long term perspective. First interesting zone on above chart is 11.50-11.10, which is the fib 1.1618 (golden mean) and possible end of wave 3 on my proposed impulsive wave pattern.
Consolidation. More downside ahead with strong resistance above at fib 0.382 correlating nicely with the lower leg of the triangle above.