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Wassup guys?! After my NG short call (two months ago) and reaching it's target I think the drop may not be over yet. I can imagine price is going to test support cluster created by major uptrendline (lime), horizontal support 4.75-5.95, and the yellow trendline. The former support zone 6.46-5.95 now acts as resistance at it seems to me that the upside pullback from the low 4.75 to 7.22 is running out of steam. Closer look (4h)... ...reveals local triangle (yellow) which is just about to break one way or the another. My bet is to the downside breakout. I wouldn't go long as long as the major downtrendline (red) holds.
Let me know your thoughts in the comment section.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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I meant "horizontal support 4.75-4.50" (as it's shown in the chart), not "4.75-5.95". Sorry for the typo!
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Just a quick update: the breakout off the local triangle (yellow) was actually to the upside but the resistance @ 6.46 held nicely and now it seems we are headed back down. Drawings revised so now there is not just the triangle, newly there is also a channel. Lower edge is the same for both. Bears need to break it down so their run can start...
Trade closed: target reached
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Even though the price action didn't go exactly as predicted, the resistance zone 7.55-7.78 held and reversed the course back down and we landed in the expected destination in the end - support cluster created by lime uptrendline, yellow trendline, and horizontal support zone 4.75-4.50. I would expect some bounce up, but sitting on sidelines and waiting for more data is the best approach right now in my view. Will revise the charts and post new idea later.