Price is moving in a downtrend channel. We need to see price break the upper band of the downtrend channel as well as an increase in buy volume to confirm the trend change. Waiting for the price to form a higher low is a good strategy to lower the trading risk.
Note
Finally, Ellon breaking its downtrend inverted wedge; a long and timely correction.
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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.