Ascending channel reversal.
I recently predicted the cup and handle breakout upwards. In the back ground we had a bearish penant which broke down to a descending channel.
Right now I'm seeing on the 30m a reversal to this recent breakout of the cup and handle and descending channel.
2 things can happen here I see. This small ascending channel will reverse in my opinion, but will it be a pull back to the 19660 support or the descending channel support and continue up? Or will it break back down and head toward 17600.
Either way watch for a reversal on the 30m then switch to 1h and watch for support to take profit.
Right now I'm seeing on the 30m a reversal to this recent breakout of the cup and handle and descending channel.
2 things can happen here I see. This small ascending channel will reverse in my opinion, but will it be a pull back to the 19660 support or the descending channel support and continue up? Or will it break back down and head toward 17600.
Either way watch for a reversal on the 30m then switch to 1h and watch for support to take profit.
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