A few interesting bear cases developing as of the close of this week:
1.) Breakdown confirmed below triangle
2.) Weekly PMO is now on confirmed SELL signal
3.) Breakdown below early May 2017 support gone now
Seems like a retest of the December 2016 lows ($1122) is in sight. Expect a rally back to $1175-$1200 in late-July / early-August before a major downdraft to new lows below $1000 by end of 2017. If I sound bearish, after this week's action, I am very much so now..
1.) Breakdown confirmed below triangle
2.) Weekly PMO is now on confirmed SELL signal
3.) Breakdown below early May 2017 support gone now
Seems like a retest of the December 2016 lows ($1122) is in sight. Expect a rally back to $1175-$1200 in late-July / early-August before a major downdraft to new lows below $1000 by end of 2017. If I sound bearish, after this week's action, I am very much so now..