So we've broken the triangle down. There's an option to hold here around the 4k mark but my preference is for a drop to around the 3900 level with the big channel showing support though the H&S target is a a bit lower into the 3800s. This also lines up very nicely with the .618 fibb level from this move up from the 3500s.
Comment:
Boom, so we hit the channel bottom but I have to admit I was hesitant to long here as I thought we would break through. Now looks like we're at a bull/ bear line. Could be a H&S retest of the neckline - which would be confirmed if we slowly move down and can't break up above the downwards line again, or a retest of the bottom channel and then bounce to test the top again around 4550-4600 depending on timings.
Comment:
Comment:
Didn't have time to update the moves over the weekend (choppy as hell) but now we've dropped out of the main channel finally and we've been given a direction which may see us retest the lows. We're temporarily finding support in this possible channel. I don't expect it to last long but will see if it does give a decent bounce as we have to consider the possible bullish scenario as well