Two Bearish Scenarios
Updated
This is supplementary to my previous idea.
If you don't like Gann Square and Arcs, ignore them, or skip this article.
But how about the case where this upside was merely a fake out of the pennant?
In the previous idea, I introduced a bearish scenario with an Elliott-wise impulsive movement.
Considering the arc S&R, or the overall diagonal movement, it could also develop in a triple zigzag way (WXYXZ).
I didn't examine a diagonal triangle scenario because it doesn't well fit the art S & R, but it could also be possible.
On the other side, wave E of the triangle wave can extend to mark a new high. A robust bullish movement from here may invalidate all my bearish scenarios.
Still, theoretically, these scenarios aren't invalidated until the previous high (22850) is broken (though I would close my short position if it went far beyond 21200).
Regarding the support, whether approx. 19750 and 19150 lines hold or not would be the judgment (19750 once having been attacked).
Note
15m magnification.
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