This market has been very indecisive. We have a megaphone pattern within a megaphone pattern, which has provided great range trading. But I think a new trend is about to emerge.
There is a potential ascending triangle break out, so if the price makes new highs here, then this is likely the start of a new bull market and this will at a minimum hit the top of the megaphone and can go much higher. If we start to drift down (more likely IMO), that tells me this market simply does not want to go up anymore, and support will not hold this time around, and we are going much lower, likely all the way down to the light blue dotted ascending trendline which has a few touches.
There is a potential ascending triangle break out, so if the price makes new highs here, then this is likely the start of a new bull market and this will at a minimum hit the top of the megaphone and can go much higher. If we start to drift down (more likely IMO), that tells me this market simply does not want to go up anymore, and support will not hold this time around, and we are going much lower, likely all the way down to the light blue dotted ascending trendline which has a few touches.
