Trendlines from the current high to several of the subsequent highs, roughly translate to a Fibonacci time retrace chart scaled to fit along the bottom of the descending triangle pattern.
A very interesting thing to note is the price action in respect to these channels of support and resistance. Some follow a ping-pong pattern down, and others cut across wasting no time in the channel.
It appears the dump today has gotten us back into the descending channel we just broke from. It appears that resistance is strong, so it will be interesting to see how things turn out in the short term.
A very interesting thing to note is the price action in respect to these channels of support and resistance. Some follow a ping-pong pattern down, and others cut across wasting no time in the channel.
It appears the dump today has gotten us back into the descending channel we just broke from. It appears that resistance is strong, so it will be interesting to see how things turn out in the short term.
- Bryan G.