MGC1! it looks like we are about to have a big drop. likely taking price to that trendline. Not financial advice, but im looking at this possibility right now.
Volume is decreasing as we are getting closer to that resistance level, best case scenario, we stop at the 3292, if that level is broken we will go towards that 3270-3250 range
MGC1! Price has entered the gap zone. as I mentioned before, I do expect this are to show us some resistance, but so far the main level I was looking (3293) for is slowly being broken.
We're still in risk of a pullback happening to 3252 for a breakout retest, so be careful!
After we have a breakout confirmation, I'll be looking at 3337 as the next level where we can find some strong resistance.
I wouldn't be surprised if we bounce in between this gap range range for some time before we continue up towards our 3360 target.
As I mentioned before, I was watching for that consolidation pattern being formed on for our Wave 2. The wyckoff worked right and we got our breakout. I was expecting strong resistance to happen at that Gap created on May 12, but i forgot to highlight 3277 as a super important level!
3277 was a strong support level before. it worked as a pivot point, attracting price to that level.
That being said, we are still holding support on that level, but I wouldn't be surprised if we break below towards a retest of that Red trendline breakout.
My target of 3360 still holds, but the road to that target may be a little bumpy. Dont panic sell tho. Work on your risks.