Price broke above the descending channel it was moving in, so a drew a new channel (blue) trying to indetify the potential path of price on it wy up. What we may see at the hourly chart is that price found resistance at the sliding parallel of the rising channel and is now developing a correction (flag). The breakout of the flag may be a short term sell trade, but i will skip it waiting for price to reach the lower parallel of the channel where i will start watching for a buy setup completion. At the same level most likely price will test the broken upper parallel of the descending channel (red)
I will update if we have a buy setup in the zone.
Descending channel breakout:
I will update if we have a buy setup in the zone.
Descending channel breakout:
