Looks like we are at an important point here. It appears price has formed a giant wedge and will be breaking out of it soon. A couple factors that lead me to believe it will be down, looking at this 4HR chart. The first is the RSI is below 50 and is meeting the 50 line resistance and it's downward channel resistance. It is possible it breaks out of both the price wedge and RSI channel to the upside, in which I will stop out and re-asses the situation and probably look to get long. However, the ADX line is starting to tick up and it looks like we might be starting a new trend to the downside. Couple that and a negative RSI setting and I think we are getting a nice signal the breakout will be down. So, I'll be holding short and monitoring all these things closely, always ready to go bull again if it looks like the selling is done. Good luck.
Trade closed manually:
Don't like the way the shorts are looking, starting to nibble on longs.
