Market Structure suggesting price to be stepping down slowly but we can see a trendline support coming from the below which resulting in a side ways market.
Remember Sideways market means No clear direction because the sideways market could result in 1) Trend Reversal while collecting enough orders to go against.
2) Continuation of Trend while collecting orders to build strength (PullBack)
So as long as the sideways market doesnt give a proper direction trend is not clear.
MY Expectations:
Given the market structure I think the market is still in a downtrend and it is collecting orders to step down but since trendline support is present. SIDEWAYS.
I will be expecting the price to clearly break the trendline which will confirm the downtrend and we can initiate a SHORT.
Remember Sideways market means No clear direction because the sideways market could result in 1) Trend Reversal while collecting enough orders to go against.
2) Continuation of Trend while collecting orders to build strength (PullBack)
So as long as the sideways market doesnt give a proper direction trend is not clear.
MY Expectations:
Given the market structure I think the market is still in a downtrend and it is collecting orders to step down but since trendline support is present. SIDEWAYS.
I will be expecting the price to clearly break the trendline which will confirm the downtrend and we can initiate a SHORT.