In the longer term it seems the current downtrend could be a corrective move for the previous uptrend. It has retraced about 50% which is a common corrective move retracement.
I'm waiting to see a break to the top, a test of the now resistance line (then support) and then a new up trend to start.
Any Theorists who think we've got wave one (previous uptrend) and wave two (Current downtrend) here?
Lets see what happens.
The bright green trend line is a triangle from a higher timeframe which, as you can see, was broken to the top but then came down again.
I'm not sure why it did that. I think it's the first time I've seen something like this so I'm going to watch it to see what it does.
Any ideas are welcome.
Lets see what happens :)
As expected, still going up.
Don't get eager and buy the highs.
Use indicators that you're comfortable with to determine the best low to buy at.