The green line shows a year+ of stable descending trend line being touched or almost touched through a successive series of peaks at decelerated offsets, showing that any further bullish move at standard conditions (no massive effort for bubbles induction or an extra ordinary manipulation), will be capped at this line, meaning maximum at around 5k at the start of the green triangle area.
The blue line shows one early big peak at around current level, this could be seen as an early rejection level which might cap it further to 4.6k.
The blue line shows one early big peak at around current level, this could be seen as an early rejection level which might cap it further to 4.6k.
Note
4.8k actually is the probable cap not 4.6k
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Disclaimer
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.