In my previous analyses, I had spotted a falling wedge (will attach it below) and am still in the sell trade from Sunday. Think that the bottom is close, but there is still room for the price to got closer towards the 3000 price handle as the buying volume is still not enough to push the price higher.
The latest price development shows that there is a triangle in play and I think it is reasonable to open another short trade with half risk. The price currently consolidates inside it and presumably after another bounce of the upper line of the triangle we should get a break-down. The idea is to trade the break of the triangle with the SL above the recently established high and Target based on the Minimum Price Objective which lies at 3150-3200. After the target will be reached, recommend opening a buy trade targeting 4900-5000. The break should occur in the next 10-14 hours, otherwise, the pattern and the overall trade set-up will become invalid.
Follow this idea as I will keep updating as the price action will be developing.
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