We have spent the last few days bouncing around inside a triangle. The squeeze has begun. Any breach of the 'red zone' would result in a drop and will test the previous support at 205 and maybe 196. If that support holds, I could be stuck in more sideways movement until finally, we have a double bottom at 150. When the floor is reached, it will be a massive bull signal.
Alternately, the squeeze could trigger a breakout that will re-test previous resistance at 230 and maybe 250.
Alternately, the squeeze could trigger a breakout that will re-test previous resistance at 230 and maybe 250.