NQ1!, Technical Breach
As of now, a technical breach of the upside channel and the H&S neckline. It seems the price is trending lower to tag the quarterly pivot. I anticipate a bounce to back test the broken structure. Usually, structural changes are back tested multiple time before the loosing side gives up and let the continuation to proceed. The last point of demand, June consolidation, is a potential liquidity provider to feed attempts to get back into the channel. If that happens it may lead to a violent short squeeze.
8/19/2023
8/19/2023
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