The primary uptrend originating in early 2014 has dried up. The daily chart shows consolidation after a recent breakout failure. Sellers are almost certain to make a push below support at 86.85 and this trigger a bearish trend on the daily chart.
Nothing exceptional about that by itself, however, such a downtrend will also mean a failure on the weekly trend. Such a scenario opens the road for a steady and lengthy ABC decline all the way back to levels as low as 67.90 (9-12 months horizon).
Nothing exceptional about that by itself, however, such a downtrend will also mean a failure on the weekly trend. Such a scenario opens the road for a steady and lengthy ABC decline all the way back to levels as low as 67.90 (9-12 months horizon).