The counter has kicked off a short-term bear cycle and it is now at its wave 4.
Further, the wave 4 correction could be interpreted as an expanding triangle pattern.
It hit the top of the triangle and is now cooling off which we believe is a new bear cycle in the near-term.
And a head and shoulder pattern has formed as well and hence we expect the pair to be bearish in the near-term.
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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.