The price action shows a clear break of a long-term ascending trendline, signaling a potential shift in momentum. This trend break aligns with the Ichimoku Cloud, where the price has moved below the cloud, indicating bearish sentiment. Additionally, the Ichimoku Wave theory suggests a corrective wave pattern, with the price testing key support zones after the breakout. The Tenkan-sen and Kijun-sen lines are converging, hinting at a possible consolidation or further directional move. Look for confirmation of the bearish trend with a break below the projected N, V, and E waves, as outlined by the Ichimoku structure, to validate the next potential move.
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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.