We have an ascending triangle within an ascending wedge, so I believe we will break upwards above the 9,000 - 9,200 resistance temporarily - potentially approaching 9,700 USD before making a large retrace, potentially to the 6,750 level to meet the long term ascending trend line of previous lows. From there we can rebound to new ATH by September.
I am new to TA so please don't trade based on my idea!
I am new to TA so please don't trade based on my idea!
Note
Looks like the break up from the ascending triangle occurred as predicted, but it then broke up from the ascending wedge before breaking down beneath it. The new high/low points have now pushed the wedge out into an ascending channel so the reversal down to 6750 may no longer be valid.
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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.