Price undergoing another correction as we hit the assumed support of this short-term ascending triangle pattern, this is just slightly past the expected volatility.
There's a good chance we could see a bearish breakout occur if long-term trendline (solid purple) doesn't hold; note that since pattern support now falls above LT trendline I would consider this as a valid critical support zone (between 2850 and LT trendline).
If price gets rejected during recovery at the solid blue line, or in general, we could fall into a correction path like the one shown. Supports are indicated at the intersection of dashed blue line/2750 -> intersection of solid red line/2650 -> 2400-2350 (prior low).
There's a good chance we could see a bearish breakout occur if long-term trendline (solid purple) doesn't hold; note that since pattern support now falls above LT trendline I would consider this as a valid critical support zone (between 2850 and LT trendline).
If price gets rejected during recovery at the solid blue line, or in general, we could fall into a correction path like the one shown. Supports are indicated at the intersection of dashed blue line/2750 -> intersection of solid red line/2650 -> 2400-2350 (prior low).
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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.