Here's my analysis, we've been riding this resistance line and everytime we break up we simply close beneath it. Right now, we are still reacting to it.
Meanwhile, we have this long term support line in the down trend that was just recently violated, and it has whipsawed above and below. It's almost right before US open.
My guess is that
1.) We will see either a drop directly from where we are at to make a new low, and that new low will be the official pullback/reversal point
2.) We will break this resistance line once again so that the US banks can get in on the short, and the market will just keep riding down.
I personally believe this situation to be 1, I'm still holding my short from 1.2126. Geoduck everyone
Meanwhile, we have this long term support line in the down trend that was just recently violated, and it has whipsawed above and below. It's almost right before US open.
My guess is that
1.) We will see either a drop directly from where we are at to make a new low, and that new low will be the official pullback/reversal point
2.) We will break this resistance line once again so that the US banks can get in on the short, and the market will just keep riding down.
I personally believe this situation to be 1, I'm still holding my short from 1.2126. Geoduck everyone