Looking at 45min, 4h, and the 1D here...I see the down trend from 1400 continuing...the major trend line that I ran off the first 360, is being challenged here at the 420 area. If it breaks, there are historical levels (marked 350, 250-300, 200 (yes it is in play if this trend line does not hold)). We might pause or bounce off any of those levels. However, it is safe to say the longer term up trend pitchfork is done. My personal stance is we are looking for a new bottom, and the volume and level of volatility at 420 does not feel like blood in the streets.
I'd be shorting on a break of 420 and covering no higher than 295. It is going down.
I'd be shorting on a break of 420 and covering no higher than 295. It is going down.