As we now have slowed our drop here this is where things get interesting. If we can see EGLd holding this low roughly 52.17-52.50 area, if we can see support hold we could be creating a large rising wedge. If this stands true, then we can expect to chop within this wedge up to retesting previous drop area. This can target us close to 75$. Howver if we break support here and fail and contiue down we would expect price to retest previous lows or make a new low. I am still long and starting to add some further to my original 44$ $ add zone. I will be watching this level in the lower 52$ range to make sure we are going to hold but if this plays out it could be a great buy zone for the next few weeks depending how long this takes
This means I will be short term bullish as we find if we can control this low. If it breaks this idea may be invalid
This means I will be short term bullish as we find if we can control this low. If it breaks this idea may be invalid
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Disclaimer
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.