Descending Triangle
My previous forecast seems to be playing out well and this is what the end result will look like on a longer timeframe. It's fairly simple: we appear to be in a sort of descending triangle and I think we're going to fall out of the bottom in a big way. The region of support that we're sitting on is incredibly strong and has fended off numerous attempts at a break down. However, for all this strength, it hasn't managed to reject the price properly and send it bouncing off to something like the 340usd level. The bounces are getting smaller and I think we're going to fall through. On a clean break of 300usd, there will be a massive sell-off with a some resistance at the 275usd level that I think we'll bounce off before breaking through to find new all time lows.
However, if we do manage to break out the top of this triangle, there could be a rally to something like the 350usd level before going lower. Best of luck with your trading and happy 2015.
However, if we do manage to break out the top of this triangle, there could be a rally to something like the 350usd level before going lower. Best of luck with your trading and happy 2015.
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