Completed TOP(Top Pattern) in Blue Box and a down target calculation from it as shown on the chart may suggest a formation of a congestion/trading range at current levels and a halt/stop to the current down move.
Congestions can either be an accumulation or distribution patterns. Interesting to see which(accumulation or distribution) forms over the months ahead ???
Sharp and decisive counter trend rally(short term up move) is likely as the shorters are likely to cover their shorts soon !
Analysis of the bar/candle charts will reveal further insights as major test of the 2020 Low is now likely to take place.
This analysis is for educational purposes only.
Congestions can either be an accumulation or distribution patterns. Interesting to see which(accumulation or distribution) forms over the months ahead ???
Sharp and decisive counter trend rally(short term up move) is likely as the shorters are likely to cover their shorts soon !
Analysis of the bar/candle charts will reveal further insights as major test of the 2020 Low is now likely to take place.
This analysis is for educational purposes only.