I expected a bounce from 390, I was wrong. There is a clear downtrend channel now. We are oversold on 1h-4h and I expect a bounce, small to 387-90 level perhaps, then down to 372 and perhaps bigger bounce to 400, that would be excellent entry with short position. I am scouting for that entry.
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looks like straight down to 372-4
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it did touch the bottom of the channel, I didn't expect it to be honest. We could see 392 in two sessions.
since we touched the bottom of the channel, I took a swing position yesterday. it's a short swing, there is another leg down I believe before bounce to the upper wall
eminalopalop
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Just like you draw it. It has been moving within this falling wedge yet.
Crentist
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Would you still be inclined to go long off a bounce from 372-374? Or staying out with the straight downstairs chart?
abigreen
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@Crentist, definitely I'll play the bounce. I'll need strong volume and solid green stick with confirmation ideally. I will not swing any position however.