ππAs I wrote in a previous post on the dips of the declines:
ππThis time the outlook remains unchanged.
ππI will try to give you an updated picture of the situation.
ππBegin with the fact that we have been in an uptrend for more than a good month.
ππMany factors are responsible for this, one of the most important being the fall in the value of the dollar.
ππThe current correction is in the shape of a triangle and the range of movement is constantly decreasing, which provokes a sharp breakout, in my opinion to the south.
ππI believe so because since the start of the uptrend we have only made one significant downward correction and we are currently struggling to break through to new highs.
ππEverything will play out in the coming days.
ππBut in my opinion the execution of a small correction at this point would be highly probable.
ππI determined the support zone based on the fibo level of 0.5 of the entire upward wave after the biggest correction. These were also the places where the price has struggled to break through in the past.
ππThe resistance zone is the area around the recent peaks.
ππThe scenario I am playing out is a breakout from the accumulation, falling to the edge of the upward channel. Then a breakout upwards to reach new local highs.
ππ*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
πIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.π
It's a beautiful chart. You have a very good use of technical analysis tools. When you analyze the long term, do you consider the fundamental analysis?