Green bars possible break out
Red bars possible break down. I think the breakdown would actually test the prior recent low at 6k , bounce back to retest lower channels and then break to 4k quickly.
Obviously there are lots of possibilities , these are just two generic scenarios.
Recent Long term trend is up until break and close below , (lower band green channel). establishing new channel lower lows/ lower highs
Short term trend down but has just reacted off support. will remain down until break of upper (yellow channel) establishing new channel with higher low/higher highs
Shorter term trend (15 min) is down
I use channels to trade trends and patterns and BO/BDs at possible . I dont assume to know where a stock or asset is going but will try to see possible scenarios and trade accordingly when the stock or asset makes its move or proves itself or reacts near . Stops are always used diligently. The trend is intact until proven otherwise. Time frames are of utmost importance when determining trend and trade duration and direction, so act accordingly.
A close back inside channel and below 8900 and one could go short with targets of lower green channel.
Running into resistance in the 10000-11000 congestion zone, possible pause and return to rising short term trend line but I fully expect if momentum continues for it to retest upper channel 12000 plus price.
Break down or rising short term trend line and expect back test of longer term trend line from JAN peak and probable ABC correction type move with C retesting FEB low.