In the current structure, we are still seeing lower highs and lower lows, so by definition it is still in a downtrend.
It has formed a minor trend line which it has been rejected from with decreasing volume each time.
If it breaks from this minor trend line, it will have a major trend line to break as well.
The easiest setup to look for is if it breaks through the major trend line, and retests it.
This is drawn on the chart but is not guaranteed to happen. Something like this will offer a nice risk/reward ratio if it does happen.
It doesn't make sense to enter right now. You are better off waiting to see what happens first.
Since it is at the bottom of the 0.786 of its major move, a reversal would mean a lot and offer a profitable trade
and a potentially nice long term position.
It has formed a minor trend line which it has been rejected from with decreasing volume each time.
If it breaks from this minor trend line, it will have a major trend line to break as well.
The easiest setup to look for is if it breaks through the major trend line, and retests it.
This is drawn on the chart but is not guaranteed to happen. Something like this will offer a nice risk/reward ratio if it does happen.
It doesn't make sense to enter right now. You are better off waiting to see what happens first.
Since it is at the bottom of the 0.786 of its major move, a reversal would mean a lot and offer a profitable trade
and a potentially nice long term position.