Based on this analysis the next high will be in the 75 range, if it goes beyond 75 to 79 range, I think we're going to see a possible breakout towards the 100's by the end of the month www.tradingview.com/chart/9UDpo52K/. I pasted my other idea which goes over a possible breakout to the 100's. But if we can't go beyond the 75 range in the next rise and it comes back down hitting support line again, I think there's a strong probability that we're going to break below the current support zone into more lows, possibly the 50's support zone.
I say this because whenever I've analyzed any kind of triangle formation pattern with a knock against the resistance line, i saw a positive breakout. But in this scenario, it seems like sellers are in control knocking on the support line to break though. So this is another possible scenario to be prepared for, any thoughts?
I say this because whenever I've analyzed any kind of triangle formation pattern with a knock against the resistance line, i saw a positive breakout. But in this scenario, it seems like sellers are in control knocking on the support line to break though. So this is another possible scenario to be prepared for, any thoughts?