Weekly Updates of the instrument could mean a reversal to the downside, what do we expect to see as confirmation of such an event?
Expectations:
I expect to see the price touch the upper parallel line and close the week on its lows, with a decent gap between the price closing and the upper parallel that is a sign of weakness on the chart.
Confirmation:
We can allow the chart to do all the above and upon a retest of the upper parallel again you can place your entries. this is my preferred method of the test and retest, then I place a short buy and expect at least the middle line as my target profit.
Expectations:
I expect to see the price touch the upper parallel line and close the week on its lows, with a decent gap between the price closing and the upper parallel that is a sign of weakness on the chart.
Confirmation:
We can allow the chart to do all the above and upon a retest of the upper parallel again you can place your entries. this is my preferred method of the test and retest, then I place a short buy and expect at least the middle line as my target profit.