An ascending channel (green) might be taking shape. I had previously drawn a blue ascending channel however I am more confident in this green channel though we still need some more confirmations (especially at the bottom of the channel). I like this setup because it gives the price a better opportunity to breakout of the purple channel. Also this path would establish a higher high on the weekly chart before we get more upside (which is why I have put the possible breakout to the upside after the close the week). The close of the week also aligns well with the expected golden cross of the 50d and 100d MA.
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clarified update above a bit.
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See update of update... sorry :-)
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Still believe it is likely that we will go lower (to 7200'ish) currently price is under support in my chart (middle of green channel) if you even deem that support?
