The red trend line represented shows our long standing bearish trend from ATH's to the highs of June.
The black impulse wave represented shows us breaking this trend.
The Orange impulse wave represents wave 5 and completion of our first impulse.
If we end up breaking out here at ~240B the market will most likely go Parabolic and break out of our current channel.
If we fail to break out here it in turn (in my mind) shows that we will retest the bottom of our channel and most likely head for lower lows.
The next few days will tell us what is happening.
As always DYOR and safe trading.
The black impulse wave represented shows us breaking this trend.
The Orange impulse wave represents wave 5 and completion of our first impulse.
If we end up breaking out here at ~240B the market will most likely go Parabolic and break out of our current channel.
If we fail to break out here it in turn (in my mind) shows that we will retest the bottom of our channel and most likely head for lower lows.
The next few days will tell us what is happening.
As always DYOR and safe trading.
