After my previous two analysis and a lot of back looking it becomes clear that the breakout from the symmetrical triangle was a bull trap, it caught many people off-guard including me. Nonetheless, I've corrected my assumption and we are in an ascending triangle, which is completing a perfect Elliot triangle wave. The 1-hour chart is forming another bear flag, from my viewpoint, there is only one option, a bear trap. The likelihood of it falling further than .375 cents is extremely low as we've built long-time support here for the last few weeks, as such a bear trap is likely cause it would liquidate many of the shorts into buys creating a lot of buying power and renewed bull strength. If this occurs we need to see an influx of volume otherwise this in return could make a bart move ( this pattern acutally exists) and a subsequent bull trap.
Komentar:
So far everything is going like planned, we didn't make an extensive drop and the fib level held, we need to see if we get a follow-up or if this will be support for the coming days.