The white up-sloping lines are the lines of a LT Pitchfork. The dashed one is the WL1 (Warning-Line 1).
Price was not able to find support above the WL1.
So it's naturally break down and...we see a classic retest from below. Picture perfect rulebook trade!
Then price trades south again and nearly meets the Centerline of the yellow Fork.
The red dashed line is where I expect price to retest as it did at the WL1. From there, the final move #5 will blow out the last longs...happy new year!
If I where short, my first target would be at least the U-MLH of the white up-sloping Fork.
Additional support comes in where price was fighting, which is expected somewhere in the blue zone.
P!
Price was not able to find support above the WL1.
So it's naturally break down and...we see a classic retest from below. Picture perfect rulebook trade!
Then price trades south again and nearly meets the Centerline of the yellow Fork.
The red dashed line is where I expect price to retest as it did at the WL1. From there, the final move #5 will blow out the last longs...happy new year!
If I where short, my first target would be at least the U-MLH of the white up-sloping Fork.
Additional support comes in where price was fighting, which is expected somewhere in the blue zone.
P!
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Here's the quarterly "naked" chart:
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We approach the slanted resistance.
Let's see how it unfolds up there:
Let's see how it unfolds up there: