Fibonacci analysis suggests that the large 6 month triangle may be terminating at 5000. The support at 5000 hasn't been tested, so it's a good candidate for a rebound. Otherwise, capitulation may go as far as 3500, the next confluence level down.
Confirmation is just below 5800 mark.
Confirmation is just below 5800 mark.
Note
Scenario fulfilled, albeit later than expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.