After yesterday's rising wedge breakdown that i almost got right (still closed in profit but didn't quite pan out the way i thought), we are presented with what looks to be a bear flag forming near the monthly trend line support. Will it reject and bounce back up (i think so) or will it break and push for the 1445 zone? Hmmmm, let's see shall we.
Please note this is purely for my educational purposes and is not to be considered sound financial advice. Goodluck :)
Please note this is purely for my educational purposes and is not to be considered sound financial advice. Goodluck :)
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Broken out of flag, almost tested Monthly trend line. Now we see how it reacts....
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Nice bounce off of trend line but still early days....
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Substantial bounce confirmed, now it just needs the follow through
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Lack of follow through... beginning to doubt it's strength. My bias is long as we are in a bull flag on the higher timeframe, but i must resign to the fact that we need to go down before we can go up and stay up. If it manages to break the trend line then it has to be a sell to at least 1440 to build a decent bottom. 1360 is also not off the table