Simple charting. First target is usually the last point price touched the Trend L. Second target it the pullback = width of the channel
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We are still below the channel, 2ed day, possible
A/ Retest of broken line, then tank more. B/ Bears trap and we bounce back into the channel.
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Beautiful false break out "Bears trap", we need a confirmation that this is a false break out three days inside the channel will due. Never now, we might go down again !!!
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According to John Murphy's Technical book of analysis, we need another day inside
the channel " 3 day up or down" to confirm that was a false bearish break out of
the channel and we are back in bull mode. Therefore, today is the day according
to him do confirm bullishness or bearishness.
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Well, we got our third day inside the channel as Murphy's book. This is a legitimate
bull move.
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This March's channel is still strong and getting stronger by the day + M2 is getting fatter for sure no updates so far for it.
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Now is probably our fourth touch down of the trend, it actually makes it stronger trend line.
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