Looks like a textbook bullish flag , but what bothers me is that the execution of the flag would cause quite a strange figure in other correlated pairs, so I find it unlikely to complete.
Any opinion will be appreciated..
Thanks, yes, I shorted at around 162 and got exited following a potential head and shoulder, which failed to complete and then made this range that looks like a flag, so right know it's too confusing for me to decide what to do..
Answering the question of the title, it is a flag, but determine the end of it would be hard. Since it was rejected by the top trend line of this flag, i would short, and watch for reversals at the base of the channel, and if the price to break this zone of support (base of the channel) would hope to it reach the dashed trendline. Certainly 160 its a support.
Yes, I see it the same way, although I don't like trading a breakout when it happens downwards in a descending range or upwards in a rising range because that tends to be a sign of euphoria that quickly reverts.. which would enforce the idea of buying in the dashed line.
Too bad market opens at 11 pm here and I can't stay up all night to follow it.. if it doesn't open with an insane gap (as this pair likes to do) shorting to the bottom of the range seems the safest choice.