I don't know what descending channel you're talking about and unless is see it bud?
also when I said pullback I also said a minor pullback.
let's see what happens by the end of the day and also let's see what happens next week. I could be right I could be wrong! :)
voycefx
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Nice analysis, although have you taken into consideration of the descending channel on the daily timeframe?
As you said, we expect to see a further move to the downside first.
toricuraj
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guys this is why its called analysis sometimes we get it right sometimes we get it wrong. what's important is that you should do your analysis and then plan the trade and trade the plan and be open to new ideas or be adaptable to changes in the market, and you always cut your bad trades short and you let your winning trades run. :)
alihaydor
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If it breaks out of the downward channel then it might have a channel to go sideways for this week but I doubt. Strong resistance.
It should continue with a downward channel and test that support again. Should break it.
altz1
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I have the exact same thesis!
toricuraj
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@altz1, nice one bud. let's see if it will play out the way we think, also we should always be ready for a change if the market doesn't go our way :)