Hi Traders!
The market is in an Uptrend, but a bearish Pullback is expected.
After the Upmovement and the (purple) Triangle, we had a Double Top pattern.
This pattern was around (not close, but still near) the area of the weekly Trendline.
When we have a Double Top Pattern, we usually define the Support as the "Neckline".
This Neckline got broken too and with the Pullback, it got retested.
The Neckline could also be seen as a "Mirror Level" now, because the market respects the Level
both as a Support and a Resistance.
Since the Double Top formation, we have movements which can now be seen as a descending Parallel Channel.
The Target is the next Resistance from where the marekt could turn bullish.
If you have any questions, please just ask in the comment section or privately.
Thanks and successful Trading :-)!
The market is in an Uptrend, but a bearish Pullback is expected.
After the Upmovement and the (purple) Triangle, we had a Double Top pattern.
This pattern was around (not close, but still near) the area of the weekly Trendline.
When we have a Double Top Pattern, we usually define the Support as the "Neckline".
This Neckline got broken too and with the Pullback, it got retested.
The Neckline could also be seen as a "Mirror Level" now, because the market respects the Level
both as a Support and a Resistance.
Since the Double Top formation, we have movements which can now be seen as a descending Parallel Channel.
The Target is the next Resistance from where the marekt could turn bullish.
If you have any questions, please just ask in the comment section or privately.
Thanks and successful Trading :-)!