Hello!
We've been consolidating for 24+ hours in this blue box, also known as a bearish rectangle....bearish because its after the steep drop.
There is also a very wide pennant that has formed and we can also draw the argument to draw a bearish flag. These are all bearish signals so regardless we are looking good to go down.
I will be paying attention to the pennant vs. the flag due to the blue resistance at 401.14. This has held up currently and if you look to the left, it has solid resistance here.
An entry at the current price, 398, is a good entry to short, however an ideal entry is in between 400 & 401.
We've been consolidating for 24+ hours in this blue box, also known as a bearish rectangle....bearish because its after the steep drop.
There is also a very wide pennant that has formed and we can also draw the argument to draw a bearish flag. These are all bearish signals so regardless we are looking good to go down.
I will be paying attention to the pennant vs. the flag due to the blue resistance at 401.14. This has held up currently and if you look to the left, it has solid resistance here.
An entry at the current price, 398, is a good entry to short, however an ideal entry is in between 400 & 401.