Hello traders,
In my opinion, two possible scenarios here.
If it happened that we have bullish flag in play, we might have a short term trend reversal. We need to break lower highs for a uptrend confirmation. Volume seems to be picking up, so it might be it.
However if we broke down from symmetrical triangle, we might also see another leg down. We might touch a 0.5 fib level (red arrow). Distance between break point to the down sound more likely than not is equal to the widest distance of the beginning of triangle.
Anyway, it is a bull run, so the second scenario is less likely as corrections tend to be brief and no more than 30-40%
Nevertheless, always risk the money you afford to loss.
Good luck traders.
In my opinion, two possible scenarios here.
If it happened that we have bullish flag in play, we might have a short term trend reversal. We need to break lower highs for a uptrend confirmation. Volume seems to be picking up, so it might be it.
However if we broke down from symmetrical triangle, we might also see another leg down. We might touch a 0.5 fib level (red arrow). Distance between break point to the down sound more likely than not is equal to the widest distance of the beginning of triangle.
Anyway, it is a bull run, so the second scenario is less likely as corrections tend to be brief and no more than 30-40%
Nevertheless, always risk the money you afford to loss.
Good luck traders.