The market takes no particular interest in trading these days: the volume is very low, volatility - non-existent. No wonder nothing has happened since the previous update. Still, this anemic price behaviour suggests that the bottom might not have formed yet. There are a couple of technical bearish considerations:
- The price failed to break resistance of the descending channel combined with the moving average;
- The bounce from April 29 took the form of a 3--wave correction;
- The Inv. H&S pattern will be invalidated below 7300.
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Emerging H&S on other exchanges' charts:
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Above 7700++ I will turn bullish and consider waves' extension:
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Morning Triangle:
