We appear to be out of the channel, as a confirmation, like in 2014 I expect a retest of this channel top and support provided (green arrows) at least once.
RSI is at a critical point, in 2014 it was rejected here (red arrows) and went on down second time to make a double bottom (green arrows) marking the end of the bear market
RSI is at a critical point, in 2014 it was rejected here (red arrows) and went on down second time to make a double bottom (green arrows) marking the end of the bear market
Note
The break out was real. RSI broke out as well. This is pretty significant. At some point the channel will be retested but technically as per 2015 move, we are out of the downtrend. Final confirmation after a retest of this channel again and a bounce
Note
We had an amazing breakout and now I believe we need a decent correction. The 5 waves appear to be done and coinciding with the major horizontal resistanceIf the bottom is already in, we may get a bounce in the greenzone . But ideally there should be a retest of the channel
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.