Descending Triangle [Amended]
I used the wrong trendlines when I first published this triangle. Proof that I'm not just reneging on my previous forecast can be found in the chart before it, which shows that I did expect the price to break the trendline that has now been broken. I've also decided to give a more zoomed in view of what to expect as well as trying to make clear what I'm seeing in the indicators. The vertical blue line is the even horizon and the following is the description from the original chart:
"My previous forecast seems to be playing out well and this is what the end result will look like on a longer timeframe. It's fairly simple: we appear to be in a sort of descending triangle and I think we're going to fall out of the bottom in a big way. The region of support that we're sitting on is incredibly strong and has fended off numerous attempts at a break down. However, for all this strength, it hasn't managed to reject the price properly and send it bouncing off to something like the 340usd level. The bounces are getting smaller and I think we're going to fall through. On a clean break of 300usd, there will be a massive sell-off with a some resistance at the 275usd level that I think we'll bounce off before breaking through to find new all time lows.
However, if we do manage to break out the top of this triangle, there could be a rally to something like the 350usd level before going lower. Best of luck with your trading and happy 2015."
Additionally: Momentum still hasn't broken out of its original converging trendlines; the Bollinger Bands are going to get dangerously tight soon; things could kick off sooner than forecast - I've drawn the most procrastinated version of events.
"My previous forecast seems to be playing out well and this is what the end result will look like on a longer timeframe. It's fairly simple: we appear to be in a sort of descending triangle and I think we're going to fall out of the bottom in a big way. The region of support that we're sitting on is incredibly strong and has fended off numerous attempts at a break down. However, for all this strength, it hasn't managed to reject the price properly and send it bouncing off to something like the 340usd level. The bounces are getting smaller and I think we're going to fall through. On a clean break of 300usd, there will be a massive sell-off with a some resistance at the 275usd level that I think we'll bounce off before breaking through to find new all time lows.
However, if we do manage to break out the top of this triangle, there could be a rally to something like the 350usd level before going lower. Best of luck with your trading and happy 2015."
Additionally: Momentum still hasn't broken out of its original converging trendlines; the Bollinger Bands are going to get dangerously tight soon; things could kick off sooner than forecast - I've drawn the most procrastinated version of events.
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