A classic textbook example of a flag continuation has formed and usually this signals a further downward move in bearish trend.
The flag pole is calculated from the last resistance line it broke to the lowest low of the flag. This is shown in yellow, and it hits exactly at the 0.618 fib of the long term trend.
Keep in mind that this is only wave I of the long term ABC correction. As you can see, we will make an attempt at our highest high and fail in Wave II. Wave III will be a major bear trend taking us all the way back to the mid 2000s.. I assume after that we will make another attempt at our ATH, possibly hitting the 1.618 level of ~$5700
The flag pole is calculated from the last resistance line it broke to the lowest low of the flag. This is shown in yellow, and it hits exactly at the 0.618 fib of the long term trend.
Keep in mind that this is only wave I of the long term ABC correction. As you can see, we will make an attempt at our highest high and fail in Wave II. Wave III will be a major bear trend taking us all the way back to the mid 2000s.. I assume after that we will make another attempt at our ATH, possibly hitting the 1.618 level of ~$5700