Quick introduction: Charting the end of secular bull market, long term charts here
Last daily update: here
- The rising wedge (typical bearish pattern) has resolved down. The trend is estimated to last at least 7 trading days before new daily cycle begins (either up or down)
- A little detail, the support/resistance "floors" are of 100 buck length, very symmetrical
- Channeling is proposed.
Right now i expect the market to hit the first strong support line at 1166 and we will se how well it holds. If the trend is really bearish as i think it is, we would likely break below 1166 and then do a short term correction under it, respecting the resistance.We traded too much time on the top, I will not be suprised if we drop to 1066 in 2 weeks. 1066 is the long term support of 30 year channel as discussed in long term post, so it makes sense to do a weekly correction of the downtred from that level. This path is painted as purple dotted line.
Watch out: if 1166 level is not broken quickly, market could take the blue path and cancel the downtrend