bearish breakdown from descending triangle bull flag

the t line and 50ma just couldn't hold and we have a bearish breakdown of the descending triangle it appears.....althugh there's a chance it could still find a way to crawl bak up inside the triangle for a fake breakout before this current candle closes in the next 3 and a half hours...the probability is low considering how far the last candle fell and how much volume was behind it so I'm switching to short...if this breakout is legit we are most likely headed down to at least the yellow fib line around 6800 and quite possibly lower from there.....whenever this retracement finlly turns around we will then ahve developed a new low...which for the sake of the bulls is hopefully a higher low than the last one of 6450, otherwise the bears are still in control and more ownside is indeed in the works I triggered my stop loss and will probably buy back in around the yellow fib line unless it's obvious that we have more falling to do which is as of right now very likely.

Kommentera:

right now the current resistance is the psychological support of 7,000

Kommentera:

support i mean...the support not resistance....it could stay above 7,000 but probably not likely...if it dows hold at 7,000 though, that would create a new higher low and be a good sign for the bulls.