Potential resistance approaching

9월 27일

I've left my current analysis here for consistency across charts but want to highlight the approach towards both the lower parallel of the temp channel and the upper parallel of the corrective channel which could serve as resistance.

The grey dashed horizontal resistance line that was broken yesterday will likely give an idea of whether or not any pullback is corrective, or whether an actionary decline is in progress. It should get back tested, with the resulting clue being how it reacts on doing so - i.e. does it then form support or not, giving a corrective look from the pull back at the channel resistance. If so, then it's more likely that the advance will continue and it will try to get through the channels again.

If it doesn't pull back from the channels and keeps going, there will be long opportunities on pullbacks after breaking above the previous highs. Always look for the pullback, rather than buying into an advance, and of course vice versa on shorting the declines.