Since a picture is sometimes worth a thousand words, here's 2000 words to show the dilemma we are in
... And both trendlines are strong
... And I see support from 152.90 - 152.94 (just my opinion)
... The low on the 15M chart was definitely a shakeout (if it wasn't, then I don't know what is!), so that should be ignored
We all need to keep in mind that the overall trend in the highest TF possible is still bullish. EatPips said it best... go back a few posts ago and read his response. If you look at this giant range within the context of a 4H chart, all you see is a bunch of consolidation... and when this consolidation period is over, then it will be time for the trend to resume. Perhaps that is the simplest explanation I can give as to why I am still bullish (and I think Geppy is too).
Consolidation/support/demand/ranging/basing around the 153 level... call it what you will... but we will be back with the trend soon and that means on to making new highs.
... And both trendlines are strong
... And I see support from 152.90 - 152.94 (just my opinion)
... The low on the 15M chart was definitely a shakeout (if it wasn't, then I don't know what is!), so that should be ignored
We all need to keep in mind that the overall trend in the highest TF possible is still bullish. EatPips said it best... go back a few posts ago and read his response. If you look at this giant range within the context of a 4H chart, all you see is a bunch of consolidation... and when this consolidation period is over, then it will be time for the trend to resume. Perhaps that is the simplest explanation I can give as to why I am still bullish (and I think Geppy is too).
Consolidation/support/demand/ranging/basing around the 153 level... call it what you will... but we will be back with the trend soon and that means on to making new highs.
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