This formation does not mean that the bulls have definitively lost control and the break out has failed, but it may be an early sign that the momentum is decreasing and the direction of the asset may be getting ready to change for a short term day trade. The reliability of this signal is drastically improved when the price of the asset decreases the day after the signal. current price action is bullish but offers a good risk reward with small stop loss.
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Pink line is a 200% extension/completion of a double bottom and could be seen as short term resistance level.
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Not out of the woods yet...
