We've been following within the middle channel perfectly as predicted.
We just bottomed out perfectly on the lower trend line at approximately 9750. The overall trend is still bearish, however RSI and Stoch are signally close to overbought and so we can expect a small bounce to upper resistance. There is multiple higher resistance at 10850 (bottom of triangle), 11000 (steep downwards trendline), and 11400 (middle channel upper range).
Bullish scenario: Only a break above 11400 will give strength to the bulls for a run to 12000. A break above this could yield a further run to 13500. I think this is less likely than the overall downwards trend.
Bearish scenario: Short between 11000 and 11400 (top of middle channel) with a stop loss of 12800. Target = 9500 (bottom of middle channel).
We just bottomed out perfectly on the lower trend line at approximately 9750. The overall trend is still bearish, however RSI and Stoch are signally close to overbought and so we can expect a small bounce to upper resistance. There is multiple higher resistance at 10850 (bottom of triangle), 11000 (steep downwards trendline), and 11400 (middle channel upper range).
Bullish scenario: Only a break above 11400 will give strength to the bulls for a run to 12000. A break above this could yield a further run to 13500. I think this is less likely than the overall downwards trend.
Bearish scenario: Short between 11000 and 11400 (top of middle channel) with a stop loss of 12800. Target = 9500 (bottom of middle channel).