The multi-year bull channel is in purple, the green is the sideways channel we've been in for most of the year. Note how the last break down of the bull channel in October was met with strong buying support indicated by green candles and a long lower tail, followed by a quick snap-back into the channel.
Obviously with 4 hours left in the trading day, we could still see today's candle get back in the channel or turn green, but if it doesn't, that would be significant. BUT, we'd still be firmly in the sideways channel for the year.
I think the most likely scenario is the bull channel is no longer valid, but the sideways channel stays valid for 2-4 more months before breaking one way or the other (my gut opinion is down).
Obviously with 4 hours left in the trading day, we could still see today's candle get back in the channel or turn green, but if it doesn't, that would be significant. BUT, we'd still be firmly in the sideways channel for the year.
I think the most likely scenario is the bull channel is no longer valid, but the sideways channel stays valid for 2-4 more months before breaking one way or the other (my gut opinion is down).