The consolidation pattern (triangle) on the daily chart has formed just above the cloud support on the weekly chart. Triangles are often - but not always - continuation patterns, especially when forming within a strong trend, in this case a down trend. In other words, we expect the triangle to lead to more weakness over the coming days and weeks. Dipping below 16.40 completes the pattern and will subsequently extend the down trend towards 15.35 and 14.65 after that.
Note that such a decline will also lead to a convincing move below weekly support levels and thus ring in a longer term corrective phase as well. Weekly indicators are already weak and full of divergences, so the total bias is certainly concentrated on the down side.
Above ~17.45 things return to neutral and uncertain.
REN
Note that such a decline will also lead to a convincing move below weekly support levels and thus ring in a longer term corrective phase as well. Weekly indicators are already weak and full of divergences, so the total bias is certainly concentrated on the down side.
Above ~17.45 things return to neutral and uncertain.
REN