Reasons:
Gartley completed,
Ascending trendline touched and not broken,
January 2016 resistance could now become support,
After a failure to create a new low on 03-Dec-2015, we've seen the 61.8% retracement successfully defended 3 times in a row after a new high was made, which could mean the bulls are back in control,
And last but not least: everyone's bearish sentimented.
Gartley completed,
Ascending trendline touched and not broken,
January 2016 resistance could now become support,
After a failure to create a new low on 03-Dec-2015, we've seen the 61.8% retracement successfully defended 3 times in a row after a new high was made, which could mean the bulls are back in control,
And last but not least: everyone's bearish sentimented.
Note
One week into the trade and it's looking good! I still think we're heading higher next week and touch that descending trendline.
Note
Oh and the ascending trendline is now confirmed, so if there's a clear breakout below, our outlook will turn bearish
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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.
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.