Hello,
Given recent events in the Middle East, my previous analysis has continued to hold true, and I just want to update the chart a bit.
Initially, we saw two upward legs, as indicated on the chart, followed by entering a triangle channel, which I won't delve into much. Now, we're witnessing the latest phase of this trend, which is a trading range.
I've drawn a trendline (TL 1) in the area, and upon its break, we've entered a trading range formation. I have another trendline (TL2) confirming an upward move to the trading range's ceiling. Judging by the lower shadows, it seems we might witness an upward move.
At this stage, for the initiation of a new trend, we need a sharp move, preferably supported by news to strengthen the momentum.
As long as the main trendline remains unbroken, we're still in an upward trend, although the trading range has prolonged significantly, risking the forgetting of the upward trend.
Given recent events in the Middle East, my previous analysis has continued to hold true, and I just want to update the chart a bit.
Initially, we saw two upward legs, as indicated on the chart, followed by entering a triangle channel, which I won't delve into much. Now, we're witnessing the latest phase of this trend, which is a trading range.
I've drawn a trendline (TL 1) in the area, and upon its break, we've entered a trading range formation. I have another trendline (TL2) confirming an upward move to the trading range's ceiling. Judging by the lower shadows, it seems we might witness an upward move.
At this stage, for the initiation of a new trend, we need a sharp move, preferably supported by news to strengthen the momentum.
As long as the main trendline remains unbroken, we're still in an upward trend, although the trading range has prolonged significantly, risking the forgetting of the upward trend.
