This analysis is based simply on the pattern and the RSI. RSI says oversold, pattern indicates clearly it's at/near the bottom of the trend and will rebound back upwards. Will it make it to the top trend line? Probably not. I'd bail well before that. This is a short term play with a tight stop loss outside of the lower trend line.
Trade closed: stop reached
Probably only make pattern plays when they hit the top of channels, not the bottom. Bearish conditions causing a lot of bullish patterns to fail.
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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.