The first breakout to the downside after a period of consolidation hit the target around $4800 and decided to consolidate again around that number. (move marked with green arrows)
The second breakout after the consolidation of $4800 reached its objective, which is currently the low for the year.
A symmetrical triangle has formed after the low objective was met, and being a continuation of trend pattern, look for a move to a new low with a minimum target near $3120.
Overall, volume has been decreasing as the triangle formed and the hold at the black 61.8% level at $4153 (failure to reach the top of the triangle) is a bearish sign.
We need volume to kick up as price breaks underneath the triangle, but I am holding shorts for now.
Thoughts?
The second breakout after the consolidation of $4800 reached its objective, which is currently the low for the year.
A symmetrical triangle has formed after the low objective was met, and being a continuation of trend pattern, look for a move to a new low with a minimum target near $3120.
Overall, volume has been decreasing as the triangle formed and the hold at the black 61.8% level at $4153 (failure to reach the top of the triangle) is a bearish sign.
We need volume to kick up as price breaks underneath the triangle, but I am holding shorts for now.
Thoughts?