Shown is what I see as a dominant short-term trading channel. We fell through the closest major support line at 13,500 and fell back to the bottom of the channel at 12,900.
There are several bearish signs and it is very likely to continue lower. What I'm pointing out is that there are many "touch-points" to this channel, and each time we break this channel (whether up or down), we have done it with gusto.
I think it is very possible to break through this channel on the downward side again, and if we do we will go considerably lower. However, for the recent past this channel has represented the "equilibrium" of our significant moves.
I know this isn't sophisticated, but I thought it might be helpful to see this in conjunction with charts by other idea publishers. I'd like to give a shout out to @goldbug1 and @MarcPMarkets for their commentaries that have been very helpful in my learning.
There are several bearish signs and it is very likely to continue lower. What I'm pointing out is that there are many "touch-points" to this channel, and each time we break this channel (whether up or down), we have done it with gusto.
I think it is very possible to break through this channel on the downward side again, and if we do we will go considerably lower. However, for the recent past this channel has represented the "equilibrium" of our significant moves.
I know this isn't sophisticated, but I thought it might be helpful to see this in conjunction with charts by other idea publishers. I'd like to give a shout out to @goldbug1 and @MarcPMarkets for their commentaries that have been very helpful in my learning.