BROKE OUT OF WEDGE TREND
HIT SUPPORT AND WHEN BULLISH, HOWEVER WE HAVE NOW FORMED A SHOOTING STAR CANDLE STICK. FURTHERMORE THIS IS A STRONG CANDLESTICK SIGN OF A REVERSAL IN TREND.
WE HAVE ALSO JUST HIT THE 50% MARK IN FIBONACCI MEANING WE COULD EITHER GO BEARISH FROM HERE, OR IT MIGHT GO BULLISH AND THE 61.8% MARK AND OUR RESISTANCE LEVEL THEN BE A STRONG...
As predicted price broke out of the wedge to the upside and if we look at the long term pattern, we can see that price is heading to the resistance trendline of the monthly channel. Currently I am looking for a break above current resistance where I will enter a long term trade to the resistance trendline.