MKRUSD Channel Up top hit. Pull-back expected.

We last looked into Maker (MKRUSD) 4 months ago (see chart below) where we called for a buy that eventually hit our 1600 target:


This time we are making a sell call as the price hit the top of the 5-month Channel Up. Our target is just above the 0.618 Fibonacci retracement level at 1500, which has been the pull-back level of the last two medium-term corrections within the Channel. It is likely that the market tests the 1D MA200 (orange trend-line) there, before it rebounds aggressively for the 2024 parabolic rally.

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