Hi
So the breakout did not play out as Bullish as i was hoping.
I was hoping for the continuation of the right side of the Inverted H&S which i have been discussing for a few days now. Not ruling that out yet as an impulse soon could also confirm this scenario.
We bounced nicely in the shorter term, but overnight we fell back onto the descending triangles old resistance and used it as a support.
This has pushed us into a smaller triangle which i have included in this update.
(this could also be a bull flag, so will be watching closely as more data arrives)
Currently we are in the middle of both a resistance and support, so ill be keeping a close eye on the wedge i've drawn to see which way we break.
FOR BULLISH CONFIRMATION :
A strong break above $8,273 is needed.
BEARISH SUPPORT REGIONS :
$7,700 - $7,600 - weakened from a lot of hits.
$7,320 - Also weak, may not be able to hold. IF THIS BREAKS LOWER LOW PROBABLE
6k Regions and below - Lower low.
Heres my chart, Stay aware and lets see what plays out !
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!