The blue TL represent a weak triangle which lack enough reaction high to be valid
Also during what could have been considered a break out, the volume kept on declining. There was no confirmation there, nor with the momentum.
PA is trapped with 3 narrow resistance level above, each of them backed by the highest volume seen since the beginning of the decline.
The end of wave B nears fib 0.618
This symmetrical triangle is bearish
Macd has also been contracting
The SMA 100 is facing the apex
The rsi is heading toward bearish territory while completing wave e of the triangle.
Watch for exploding volume and downward spike as confirmation.
2577 is a good short entry, so is 2490, and more conservatively 2401 if a pull back happen.
2670 is a good stop loss.
And 2017 a good intermediate target.
Also during what could have been considered a break out, the volume kept on declining. There was no confirmation there, nor with the momentum.
PA is trapped with 3 narrow resistance level above, each of them backed by the highest volume seen since the beginning of the decline.
The end of wave B nears fib 0.618
This symmetrical triangle is bearish
Macd has also been contracting
The SMA 100 is facing the apex
The rsi is heading toward bearish territory while completing wave e of the triangle.
Watch for exploding volume and downward spike as confirmation.
2577 is a good short entry, so is 2490, and more conservatively 2401 if a pull back happen.
2670 is a good stop loss.
And 2017 a good intermediate target.