over the weekend different patterns emerged that muddled the picture a bit, instead of a clear downward trend, now price has printed two bearish patterns, a heads and shoulders and a bear flag as well as a bullish ascending triangle.
The ascending triangle with a key level of 9.3k had three attempted break out events that ended with fairly big rejection wicks, the reason for my bearish bias early in the weekend. however as price broke out downward of the bear flag it found strong support at 9.1k sending the price upward to 9.3k and closing the weekend green unlike what i predicted.
Confirmation of trend would be a break out at 9.3k for the bullish trend with the ascending triangle target at 9.46k, the previous high.
Confirmation of the bearish trend will be a breakout of the 9.15k level with bearish flag target similar to the heads and shoulder target at around 8.9k.
My bias remain bearish for various reasons.
The ascending triangle with a key level of 9.3k had three attempted break out events that ended with fairly big rejection wicks, the reason for my bearish bias early in the weekend. however as price broke out downward of the bear flag it found strong support at 9.1k sending the price upward to 9.3k and closing the weekend green unlike what i predicted.
Confirmation of trend would be a break out at 9.3k for the bullish trend with the ascending triangle target at 9.46k, the previous high.
Confirmation of the bearish trend will be a breakout of the 9.15k level with bearish flag target similar to the heads and shoulder target at around 8.9k.
My bias remain bearish for various reasons.
