It had to break down sooner or later a retracement was long overdue. I was able to exit at around 7670 or so which was more than close enough for me to our projected inverted head and shoulder breakout of 7.7k and basically sold the top. It's hard to say just how far we will dip on this next downturn but I'm confident we will only form a higher low in doing so and continue upward...however, in the meantime a short correction is due so hence why I marked this idea short. I see 2 outcomes for this downtrend. a straight drop. or potentially a head and shoulder pattern...If it ends up being a head and shoulder pattern I have drawn a trendline where the head should meet the neckline and projected a rough estimate of how the second shoulder might look. I may put a limit buy in right when the head completes at the neckline with a tight stop loss under it should it break the trendline and keep falling. Ultimately I think once we complete the next breakdown we will likely turn back towards the uptrend from there.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.