Hi guys
We broke out of the previous pennant and moved upwards, however we have encountered alot of resistance around the 6800 mark already.
What looks like to be playing out at the moment is a rising wedge, which of course is a bearish pattern. IF this plays out as a rising wedge then we could touch 6900, which is also the falling resistance trend from 9k. This would then likely mean we have a DUMP down to 6100 range.
HOWEVER if we manage to smash through the resistance of around 6900 also the ichimoku resistance cloud, we could be on a mini bull run up to 7200.
If this happens I will re chart and see where we are!
Thanks
We broke out of the previous pennant and moved upwards, however we have encountered alot of resistance around the 6800 mark already.
What looks like to be playing out at the moment is a rising wedge, which of course is a bearish pattern. IF this plays out as a rising wedge then we could touch 6900, which is also the falling resistance trend from 9k. This would then likely mean we have a DUMP down to 6100 range.
HOWEVER if we manage to smash through the resistance of around 6900 also the ichimoku resistance cloud, we could be on a mini bull run up to 7200.
If this happens I will re chart and see where we are!
Thanks
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Going to plan this guys! wave E could be the failure wave imo!