The 200ma will be broken
the horizontal resistance will unexpectedly broken causing an ejection of price. The next resistance will prevent the price to hit channel top.
Either it will play out as i show or it will stop ar the middle line of channel and bounce of it, hit the bottom of channel and then go highe to the horizontal resistance (this is the less bulish...
If this would be strictly probablilistic game then
we are building more resistance areas
and even if we break this closest one then we have another one.
On the bottom side we have only one line to break. So I am bearish.
We may fall to blue line area again or just go straight up from here.
We left previous channel and hold well over it treating its top as a support.
We still did not hit the top in wave 3
and dynamic range has opened up to
allow going higher over the mid of the long term correction channel which would be ejected above it and then confirm it and go even higher.
It would clearly be an inverse W (M) pattern by now or long ago if not all this strong buys at each sell off.
Further more the formations show that price is breaking every triangle to the upside.
The fifth battle is going well but it seams that bulls are wining.
If it doesn't go down it will explode up because so many margins will be called and so much money...
The angle of this channel is small.
I see it as a bear flag.
I will be watching RSI on higher timeframe to make a second leg and hopefully a divergence.
I will also keep in mind the fibo targets.
Wave 2 - usually does at least a 60% entrancement.
It is not worth it to enter this trade for me. I will wait for a correct place to enter long.
Weak short today-ish...
Please notice how the downtrend is slowing. Notice how we have hit bottom of longterm correction channel (blue)
Please see how 3 last moves upward all push the boundries of uptrend channel to be inclined more and more to the up (green, orange, red channels).
I will try long after we make an inv h&s
and if it does not catch momentum and fall lower, again at the...
Price has fallen lower, I've made a reentry at 276.
In overall ther trend is turning up.
You can see that because the previous channel does not work anymore, only a more raising channel is touching price extremas now.
You can treat the median as a top of a channel or be more positive about it and use previous price range (and think more long term)