Price breached the downtrend from the all time high. It stairsteps up the downtrending lines and is forming a new uptrend. Often price returns to the upside of these lines. They were resistance and now become support
Even on 3 minute time frame you can see how the channel works
a1Keith
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The same chart as above with a Schiff pitchfork. Now it is at the top of the channel. A sustained move above this is very bullish. But you can see from the previous chart that we could get a reversal here
a1Keith
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a1Keith
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If price returns to lower parallel I would go long with stop below prior low 12871 and take profit when it hits the green area
Even on 3 minute time frame you can see how the channel works