H4 closed under 3k yesterday to cause a bearish breakout and potentially a second correction cycle.
Unfortunately we we're unable to make it past the prior pattern transition point {2/10} which sends us back to the original prediction.
Bottoms have been adjusted based off a 3250 neckline high (vs 3200). The upper pattern support is at long-term trendline (solid purple) and the lower is at prior bottom average, or ~2400. Both of these patterns extend into early March.
It's worth noting the intersection point of the lower pattern in relation to long-term trendline, a critical support (2600) and the ending point of our 'current' pattern. imo this is a major testing zone where a close below would likely guarantee further drop. In other words, we would need tighter consolidation to hit the upper pattern and maintain the long-term ascending triangle. This would ultimately result in a third bottom as well.
If we do recover before, or sometime close to, the end of pattern look for a possible cup-and-handle breakout.
Unfortunately we we're unable to make it past the prior pattern transition point {2/10} which sends us back to the original prediction.
Bottoms have been adjusted based off a 3250 neckline high (vs 3200). The upper pattern support is at long-term trendline (solid purple) and the lower is at prior bottom average, or ~2400. Both of these patterns extend into early March.
It's worth noting the intersection point of the lower pattern in relation to long-term trendline, a critical support (2600) and the ending point of our 'current' pattern. imo this is a major testing zone where a close below would likely guarantee further drop. In other words, we would need tighter consolidation to hit the upper pattern and maintain the long-term ascending triangle. This would ultimately result in a third bottom as well.
If we do recover before, or sometime close to, the end of pattern look for a possible cup-and-handle breakout.
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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.