In spite of the 90%+ retrace from all time highs, the pattern of the retrace has been a descending/falling wedge, which is bullish once the breakout occurs. Notice that the pattern in 2017 is the same... a falling wedge followed by a massive breakout to the upside. Will this time be the same? Time will tell, but I wouldn't want to be short right now. Volatility and volume is back with a vengeance!
Sometimes, price will try to retrace back to the descending upper line of the wedge to give it a "kiss" before taking off again to the upside. I will be looking for any sell opportunities to add to a long position.
Sometimes, price will try to retrace back to the descending upper line of the wedge to give it a "kiss" before taking off again to the upside. I will be looking for any sell opportunities to add to a long position.