Or could the decline be a pullback which is almost over?
It is not a total stretch to chart the decline for the last weeks as a falling channel. If such is the case bulls may have a hope since falling channels eventually run their course and moves up ensue.
One feature of falling channels that is very common is a false move up and out which fails miserably resulting in price plummeting back into the channel. We see that here. These false move often happen mid-way (but not necessarily) through the channel decline giving some ability to roughly time the end.
Further giving possible support we can see a very broad rising channel and price is now sitting near longer term support.
But of course everything could go sideways and this could turn into the big correction a lot have been waiting for.
If anyone has a crystal ball could they warm it up and ask it what's up next for the market? :-) Thanks.
It is not a total stretch to chart the decline for the last weeks as a falling channel. If such is the case bulls may have a hope since falling channels eventually run their course and moves up ensue.
One feature of falling channels that is very common is a false move up and out which fails miserably resulting in price plummeting back into the channel. We see that here. These false move often happen mid-way (but not necessarily) through the channel decline giving some ability to roughly time the end.
Further giving possible support we can see a very broad rising channel and price is now sitting near longer term support.
But of course everything could go sideways and this could turn into the big correction a lot have been waiting for.
If anyone has a crystal ball could they warm it up and ask it what's up next for the market? :-) Thanks.
