Given the broken trendline, consolidation above a high level, it appears to me the market is making a base essentially before another impulse up. Pretty simple really. If price does break down (less likely), this would not be good as there's the possibility of making big-time resistances on the top. So in this case we would have to re-evaulate given the state of the market then. However, there is strong Support near the recent lows, so price decline should halt there, providing a long opportunity and allowing that analysis. Best of luck trading!
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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.