This is one of my favorite pattern, you can see the same pattern that happened on gbpjpy (click the related ideas) Break Long Term Channel and 0.618 Pull back + very good support structure. Buy USDCAD Now
I think it is not suitable for this position now. After the interval shock, the broken bit will fall, and there will be no marked resistance to the positive line, and the fall will continue to be around 2B, which is near 1.22 before it can stop falling.
The_Patterns_Guy
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I love your work. Very thoughtful and prudent. However, I disagree. I am leaning towards #abbas and #CelalYazici. This stock is forming a declining wedge and the overall trend is down. I expect it to stay that way. I would note, that your analysis could be proved true in the next few weeks. A trend break has three parts. 1. break the trend line 2. retest the trend line 3. continue in the opposite direction of the prior trend. The long term channel breakout you identified has met the first two criteria. If we can confirm a new trend in the opposite direction of the prior trend, we can then confirm it.
i agree with you congarts...