Lots of lines at work here to construct the price, its past and its future. In the monthly view, we suspected a fresh start for a new major downtrend which should have been started in this chart at the latest bearish
crossover in the Stoch
. It seems now that the downward kickstart has had its first leg stopped by the Fib .5 line. We will see if the downsloping pitchfork
is rightly constructed or not in the near future where the bullish
retracement tests the UMLH. In any case, one should be waiting for the breakout down below the TL on which the alleged bullish
retracement is based.
To cut it short, we are on the short side and waiting for a definitive signal to take action.