Yesterday evening I posted a chart in which I called for a break up and down due to the Symmetrical Triangle that had formed and the extremely tight range. The momentum I had thought that break would cause was limited by what is now an Ascending Triangle, and the larger Triangle beyond that.
As I write this I can see some momentum picking up to the downside, but I dont see us breaking below the Ascending Triangle yet without another bounce between the two sides.
To be clear, the Ascending Triangle is a bearish formation. That said, we have recently witnessed formations that break opposite of standard analysis.
I am still out at 0.31601 (dashed line) and am looking to re-enter lower, much lower. This does affect my bias, so I should mention a close above 0.334 could be seen as a bullish sign, though only a minor one as there is resistance above starting at 0.37.
In one of my earlier charts I had noted that the 0.33 support level was strongly supported... and then it broke down. That in turn made that level resistance which we see playing out over and over here.
As far as counts go, with this much sideways motion trying to nail down a usable count is a futile effort IMHO.
If we follow the flagpole down were looking at 0.30 for an initial target, though I am looking for a much lower entry point.
As I write this I can see some momentum picking up to the downside, but I dont see us breaking below the Ascending Triangle yet without another bounce between the two sides.
To be clear, the Ascending Triangle is a bearish formation. That said, we have recently witnessed formations that break opposite of standard analysis.
I am still out at 0.31601 (dashed line) and am looking to re-enter lower, much lower. This does affect my bias, so I should mention a close above 0.334 could be seen as a bullish sign, though only a minor one as there is resistance above starting at 0.37.
In one of my earlier charts I had noted that the 0.33 support level was strongly supported... and then it broke down. That in turn made that level resistance which we see playing out over and over here.
As far as counts go, with this much sideways motion trying to nail down a usable count is a futile effort IMHO.
If we follow the flagpole down were looking at 0.30 for an initial target, though I am looking for a much lower entry point.
