I personally think it could end up long, because of the flag direction. But the downwards resistance is very important. If it breaks you should've set up your Stop Loss.
"I personally think it could end up long, because of the flag direction." I don't understand this. In my understanding descending triangles are bearish patterns, see investopedia.com/terms/d/descendingtriangle.asp. Very nice example here of that. I also find the break out point interesting, it seems to be exactly on the line your drew for the fib pattern which is basically a parallel to the descending resistance which includes the wick of the maximum.
Mokota
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@buijgvb, yeah, you are right. my thoughts were at a descending flag, but it's a triangle. It's been a while since i did chart analysis. Thanks for correcting it :)
The width of the fib is just randomly drawn, so i don't think that has anything to say. But perhaps people looked at this analysis... sometimes chartanalysis is self fulfilling ^^
cristobalvidal77
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Of all I've seen, is the most accurate. thanks.
Mokota
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@cristobalvidal77, Thanks, but it did't played out exactly as i've thought. But now i'm expecting a fall to the fib retracement 0.78 (the blue line) before it starts to go up aggain. Perhaps even wider to the last resistance line (the green one), before it goes up aggain. Lets see.