where according to wave theory it has to stop here for the next wave(up swing) which could be the 3rd wave known as the most longest wave in wave theory.
from where pattern loss its power also mention on the chart you should check this out before you really go for it and keep that point in your mind.
i would like to explain this trading area as 'balance area' where prices are trading from the last 3,4 months.
And if someone knows what does 'blance area' stands for.
i would like to elaborate a bit for those who don't know about this concept. A balance area is somewhere in the middle of the trading range form bottom to high as i am analyzing the weekly chart so this could be the middle of the trading range.
where prices are moving from last 4 months between 6k to 11k.
in addition i would like to explain 'balance area' for those who don't have concept of balance area.
balance area where mostly traders don't know what will happen and they are just looking some side for a clear breakout to liquidate there positions.
the side has more power will break the trading range or may be one big whale can change the hole picture
once buyers gain some more power price will start moving on the upside
I have a strong point here so pick weekly chart for analysis for more strong edge.
This trade setup for only learning purpose.
Trade with money management and be gentle with yourself.
Good luck !