Long-term recovery in reference to 1/26 (2550 updated to 2600 per the established neckline on 1/27).
Using the purple trendline (potential new long-term low) as a support marker, we can assume some sort of triangular price movement off the resistances mentioned above (2550, 2750, 3000). In this scenario price consolidation under 2550 (if re-flipped) would extend into early February, consolidation under 2750 to early March, and consolidation under 3k to mid-March.
Using the purple trendline (potential new long-term low) as a support marker, we can assume some sort of triangular price movement off the resistances mentioned above (2550, 2750, 3000). In this scenario price consolidation under 2550 (if re-flipped) would extend into early February, consolidation under 2750 to early March, and consolidation under 3k to mid-March.
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Related publications
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.