Chart says it all.
We've been in a very long down trend channel and have just found a double bottom and we are starting to form a new ascending parallel channel .
There is potential for us to reach the local high and turn around to see more of a ranging market which will prolong or possibly prevent the larger target but looking at the daily we have so much room to run and we will be taking bites off of this trend for weeks.
We've been in a very long down trend channel and have just found a double bottom and we are starting to form a new ascending parallel channel .
There is potential for us to reach the local high and turn around to see more of a ranging market which will prolong or possibly prevent the larger target but looking at the daily we have so much room to run and we will be taking bites off of this trend for weeks.
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Like it if you like it, and comment if you have a question. I'm happy to answer!
***This is a reflection of my own educated opinion and should not be viewed as financial advise, please use this for educational purposes only.***
***This is a reflection of my own educated opinion and should not be viewed as financial advise, please use this for educational purposes only.***
A strong rejection here as expected, we should find a bit of support on the channel midline and then i'd expect consolidation.