Potential breakout with retracement - temporary eye on a long.

Considering the support and resistance lines, I'm of the opinion that we are about to have a breakout upwards. Now, this isn't guaranteed, but looking at the lines of support and resistance from days gone by, we are at a breakout point anywhere between now and the next three days.

I am keeping my finger on the pulse for a potential upwards movement before plummetting down again.

This is based on my former analysis that over the whole year, we have one big massive head and shoulders, and if you look at that, a spike up is reasonable considering the other side of the shoulder.

After this rise and fall, I believe we will find what many call "the bottom". As someone pointed out though, there is really no bottom, and there is no zero.

What do you think?

Trade active:

Just a clarification. Once again, this is in three days time approximately. It has been suggested that we are at the bottom already. I don't think so, but hey, I could be wrong again. Still, this is how it is.

We will follow the red triangle down to about 2800,

and then POP!!! Up we go to between 5-6k,

before another descent to find "the bottom", which is linked to in my other article. Let's see, and have fun trading.

Trade closed: target reached:

Ner ner...I was right :D:D:D

Comment:

The end of a triangle doesn't ALWAYS breakout in the direction people expect it to.