The bottom trendline of the major weekly channel held with the most recent push to the downside. This indicates the presence of institutional demand and the chances of new all time highs is good. There is also the formation of a bullish corrective structure as indicated by the green flag. This does not mean that there is no longer downside risk and I will be keeping a close eye on the low of the recent daily spike. A close below that may indicate a more significant correction.
I am currently long and remain bullish but will be watching the resistance of the structure. The upside target will depend on if and whether the flag breaks after 3 or 5 downward moves.
Happy trading!
Linton
I am currently long and remain bullish but will be watching the resistance of the structure. The upside target will depend on if and whether the flag breaks after 3 or 5 downward moves.
Happy trading!
Linton