Let's take a minute and look at the daily chart guys.
We are in a down trend from 1290$ (Sep 2011) and currently in a descending triangle formation (bearish). We have a double bottom (bullish) - higher low but no higher high, so no up trend. Every time price is failing to breach the previous resistance level of the triangle (blue lines). Inside we have this other triangle that we need to watch closely. Wait for a break for short or bounce from 1268 for long.
I included EW on this chart for the EW fans. Please note that this is an indicator on trading view, so i don't guarantee about the count.
Also please note the break below the 200MA
We are in a down trend from 1290$ (Sep 2011) and currently in a descending triangle formation (bearish). We have a double bottom (bullish) - higher low but no higher high, so no up trend. Every time price is failing to breach the previous resistance level of the triangle (blue lines). Inside we have this other triangle that we need to watch closely. Wait for a break for short or bounce from 1268 for long.
I included EW on this chart for the EW fans. Please note that this is an indicator on trading view, so i don't guarantee about the count.
Also please note the break below the 200MA