Right now, the setup is actually pretty clear.
The recent short-term double top has basically formed, the neck line has been broken, and this position is right near the lower edge of the ascending channel. Now that the edge has been breached, it indicates that this uptrend is likely over.
If we can somehow pull it back up, theoretically it would have to form a wedge or a triple top, but I think the chances of that happening are slim.
So the current strategy is simple: don’t chase shorts, wait for a small-level bounce. The bounce should be around 7.78w; at that level, look for short opportunities again. If we see another acceleration downward, 7.35w will likely be tested. Once we get to that area, we can reevaluate for any new structures.
At this stage, I’m still bearish.
The recent short-term double top has basically formed, the neck line has been broken, and this position is right near the lower edge of the ascending channel. Now that the edge has been breached, it indicates that this uptrend is likely over.
If we can somehow pull it back up, theoretically it would have to form a wedge or a triple top, but I think the chances of that happening are slim.
So the current strategy is simple: don’t chase shorts, wait for a small-level bounce. The bounce should be around 7.78w; at that level, look for short opportunities again. If we see another acceleration downward, 7.35w will likely be tested. Once we get to that area, we can reevaluate for any new structures.
At this stage, I’m still bearish.