Told You to be Vigilant! Last Nail In the Coffin( Bearish Rising Wedge ) appears to be in as it breaks out to the downside with a sharp thrust ! In my humble opinion.
All the best!
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Typical retest after breakout:
If you extend the bottom trendline of the wedge(support) to the right, you'll notice that price snapped back to retest that line and it has become resistance.
If you extend the bottom trendline of the wedge(support) to the right, you'll notice that price snapped back to retest that line and it has become resistance.
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I updated this idea with a recent one that zooms in on the aftermath of the "Last Nail in the coffin".
I described the following as the last Nail sharp downward thrust as regressive wave 1 within regressive Wave C. Then the test to the prior rising wedge support line as proregresive(upward correction) Wave A within Preoregressive Wave 2, followed by regressive Wave B in proregressive Wave 2, folowed by current proregressive Wave C in proregressive Wave 2 near completion before a strong decline in regressive Wave 3 within regressive Wave C will ensue.
All the best!
I described the following as the last Nail sharp downward thrust as regressive wave 1 within regressive Wave C. Then the test to the prior rising wedge support line as proregresive(upward correction) Wave A within Preoregressive Wave 2, followed by regressive Wave B in proregressive Wave 2, folowed by current proregressive Wave C in proregressive Wave 2 near completion before a strong decline in regressive Wave 3 within regressive Wave C will ensue.
All the best!