Short

Daily Giant Triangle coming to an end

Updated

The price to make its way out of THE Triangle that has been forming for 3 years.

Strong Support zone to be tested again and likely breached taking the price down to next strong support zone at 1.30

Note

As expected the triangle structure is breached in a way of downtrend move.

The price might:
1. Go for a retest of triangle lower boundary before heading further down
2. Keep heading down to major 1.28 level where it should stumble

Note

Price went up for a triangle boundary retest.
The daily close above the boundary might be a signal for a further rise.
The daily close under the boundary might be a signal for a U-Turn

Note

Price did make a false downside then reversed and shook out bears forcing them to buy and encouraged bulls to enter creating super duper aggressive upward triangle breakout.
The energy level and distance is relevant to the 4 year old formation

Dtaurus

Also on:

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.