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Price still inside of the Falling Wedge, but breakout of horizontal support zone will be a total invalidation for the pattern. Plus overall we have a Descending Channel which can be confirmed by the the breakout of horizontal resistance, then down we go.
What if we have an alternative scenario where price retraces of the horizontal support? In this case we might the retest of the Support Trendline of the Descending Channel. But only a breakout can reverse the overall downtrend we have.
Btw for the Alternative scenario we can initiate a short position if there is a confirmed rejection of the resistance trendline.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advice.
Price still inside of the Falling Wedge, but breakout of horizontal support zone will be a total invalidation for the pattern. Plus overall we have a Descending Channel which can be confirmed by the the breakout of horizontal resistance, then down we go.
What if we have an alternative scenario where price retraces of the horizontal support? In this case we might the retest of the Support Trendline of the Descending Channel. But only a breakout can reverse the overall downtrend we have.
Btw for the Alternative scenario we can initiate a short position if there is a confirmed rejection of the resistance trendline.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advice.