The chart illustrates a classic bearish breakdown pattern. Price was moving inside an upward channel, respecting both the support and resistance lines. After multiple rejections near the resistance, the market failed to hold above the support line.
A clear breakdown occurred, confirming a shift in trend from bullish to bearish. Once the support was broken, price continued to fall sharply, forming lower highs and lower lows. The downside target is measured by the height of the channel, showing a projected move of nearly 100%.
