Despite the falling prices yesterday and today, I am still bullish
. The main reason is that the wave pattern that formed recently is a very common pattern for wave 2 (flat ABC
pattern). I believe we are toward the end of wave 2 and wave 3 should take us to higher prices (take a look at the chart - ABC
in green). The small yellow inverse H&S
pattern is not valid anymore (So I removed it) but the big green one is still valid.
I would changed my mind and be bearish
if it closed below the yellow line (the upper line for the previous downtrend) which acts like support now.
Please note that this is not an advice to buy or sell.
Appreciate your comments