Price fails to hold zone after a double-top formation off 1617 triggers 50EMA crossover.
Recovery has brought us back above 1585 which is where we should keep for today's close.
Now that we're out of the LT ascending pattern (dotted green) I see three possible scenarios.
1. Double-bottom off 1550
2. Continuation to 1500
3. Steady recovery back to 1650
Note that the third scenario would likely form a descending D1.
www.tradingview.com/chart/gDBkksfy/
Recovery has brought us back above 1585 which is where we should keep for today's close.
Now that we're out of the LT ascending pattern (dotted green) I see three possible scenarios.
1. Double-bottom off 1550
2. Continuation to 1500
3. Steady recovery back to 1650
Note that the third scenario would likely form a descending D1.
www.tradingview.com/chart/gDBkksfy/
