Possible channel for short term downward trend
I'm new at this (2 months), but have studied quite a bit to learn the very basics. A relative used to be a day trader and has given me hours of feedback on channel charting with support lines. I haven't made a foray into Fibonacci, Elliot Wave, or advanced charting yet.
I made a dozen charts today, but this simple (temporary) downward channel really sticks out to me. If this is it, we have a lot of downside potential before rebounding. This is the only chart I made with this channel, but it sure seems that we could at least hit the center of it again before rebounding.
I made a dozen charts today, but this simple (temporary) downward channel really sticks out to me. If this is it, we have a lot of downside potential before rebounding. This is the only chart I made with this channel, but it sure seems that we could at least hit the center of it again before rebounding.
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