Strong short term bear trend, but after strong bull trend. Big up, big down, big confusion, so TRADING RANGE.
Although strong bear trend, price action took a support of a broad bull channel.
Initial thinking was that it will break and go down for at least a control price target which is dashed line.
Furthermore head and shoulder pattern formed so was expecting price action to go lower, but as we can see now it reversed at the retracement of around 50%.
Although strong bear trend, price action took a support of a broad bull channel.
Initial thinking was that it will break and go down for at least a control price target which is dashed line.
Furthermore head and shoulder pattern formed so was expecting price action to go lower, but as we can see now it reversed at the retracement of around 50%.