The bulls have had a good few weeks, but the long term downtrend appears to be stopping the price from moving any further, further validating my suspicions as indicated in my last idea (link provided). As the price continues to try to break out with several high-volume surges, it has continued to make lower highs and broken the immediate uptrend with lower lows on the shorter time frames.
Volume is dying off very quickly as the bulls are beginning to give up on breakout hopes. That said, there is still strong support in the $240s. I expect to at least revisit that, but we may break through it as well, based on my last idea which shows similarities with the May-June 2014 bull run. This is beginning to look like it could have a similar fate.
All of that said, watch the red triangle for confirmation whether it breaks up or down.
Volume is dying off very quickly as the bulls are beginning to give up on breakout hopes. That said, there is still strong support in the $240s. I expect to at least revisit that, but we may break through it as well, based on my last idea which shows similarities with the May-June 2014 bull run. This is beginning to look like it could have a similar fate.
All of that said, watch the red triangle for confirmation whether it breaks up or down.
