The Triple Threat:
1) The Upper limit of the huge 2018 descending triangle.
2) The 200 Day MA.
3) The 50 Week MA.
A rejection here looks reasonable. Bulls will likely lose hope at this juncture and I anticipate a massive uptick in bear volume, which will eventually snowball out of control. The final result being a violent breakdown of the triangle and big capitulation V shaped bottom. Here I think a multi month range will be found as prices builds towards an uptrend which can hopefully see clear blue sky again.
1) The Upper limit of the huge 2018 descending triangle.
2) The 200 Day MA.
3) The 50 Week MA.
A rejection here looks reasonable. Bulls will likely lose hope at this juncture and I anticipate a massive uptick in bear volume, which will eventually snowball out of control. The final result being a violent breakdown of the triangle and big capitulation V shaped bottom. Here I think a multi month range will be found as prices builds towards an uptrend which can hopefully see clear blue sky again.