Close to breaking short term down trend
Updated
Using the gann fan or speed lines, I've drawn out our longer term uptrend (that we are still in) against the short term downtrend we are also in. If we are able to break out of the red area, I think that will signal the end of our correction. If we do not breakout, we could continue down to supports as low as $1.40.
We have been pressuring to get out of this downtrend line. Fear over Korea subsiding could easily be what pushes us out of this correction cycle. Best of luck.
We have been pressuring to get out of this downtrend line. Fear over Korea subsiding could easily be what pushes us out of this correction cycle. Best of luck.
Note
Although we didn't have the breakout I had hoped as regulatory uncertainty looms, we have ridden the red area resistance to a very important pivot point. Let's see if the grey uptrend area will hold over the next 24 hours. If it does, our support line will steadily increase from 1.60. If not, we have a new range.
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