I believe we are currently at the possible neckline break. The yellow line down is the target based on taking top of pattern to neck and then projecting a breakdown of the same range. The blue highlighted box is a gap - confluence with patter breakdown target. The gray box below is .618 off a fib retracement tool. Further justification for a breakdown. Volume is relatively low so bulls are not fighting much. RSI is showing a downtrend as well. I believe we have confluence for a leg down across the pattern, gap, fib retracement, and RSI supporting.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
