Somehow nailed the Bear flag scenario so thought id share this idea, have had this chart for the last few days or so with a list of possible pathways :
1. (Primary) : we see a bounce on the bottom support at 10750, which rises to the next support wedge around 11,300-11,500. Does not break this support and heads downwards, breaking through support at 11 k and hammering down into the lower 9500 region.
2. See a bounce off the 10750 mark, where we head up breaking supports at 11,300 and onto the top of our larger wedge. From there we see a drop back deeper into the wedge instead of breaking it, as we near the tip of the wedge and see a small bounce back , panic sellers begin and we break all supports hammering down again to the 9500 region.
3. We fail to bounce off the 10,750 support correctly, and after hitting it a few times break through to the 9500 or lower mark.
4. Successful bounce off 10,750 which breaks upwards and out of all wedges to 14k, with a low possibility of seeing under 9500.
will have to keep a close eye on support lines , could be entirely wrong on all 4 scenarios so don't take my word for it. Lets see how the next week pans out.
1. (Primary) : we see a bounce on the bottom support at 10750, which rises to the next support wedge around 11,300-11,500. Does not break this support and heads downwards, breaking through support at 11 k and hammering down into the lower 9500 region.
2. See a bounce off the 10750 mark, where we head up breaking supports at 11,300 and onto the top of our larger wedge. From there we see a drop back deeper into the wedge instead of breaking it, as we near the tip of the wedge and see a small bounce back , panic sellers begin and we break all supports hammering down again to the 9500 region.
3. We fail to bounce off the 10,750 support correctly, and after hitting it a few times break through to the 9500 or lower mark.
4. Successful bounce off 10,750 which breaks upwards and out of all wedges to 14k, with a low possibility of seeing under 9500.
will have to keep a close eye on support lines , could be entirely wrong on all 4 scenarios so don't take my word for it. Lets see how the next week pans out.