The setup is for a rising channel that is currently at the top of channel (an area where the expectation is for a reversal). At that area it has a large up bar with a very pronounced upper wick (confirming the presence of strong supply at that price level). Also, the next bar is a down bar with a close near it's lows (further confirmation that there is selling pressure), It's also worth noting that channels become more reliable the more they are being used. In this case we can see the number of reversals at the extreme levels as further confirmation that the market is using the channel. Things like this increase the channel's reliability and overall usefulness.
An excellent analysis! this was followed by news a few days ago that the Bank of Canada raised its benchmark interest rate by 100 basis points in an attempt to fight inflation.
kosai19
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@DNP-FX, Thanks.... I think even outside of news there was a good chance of a correction based on technicals. Sometimes fundamentals can align with technicals.