I have readjusted the descending resistance to accommodate fresh price action. Sometimes a clearer pattern develops with time. This COULD be a descending triangle, which people view incorrectly as a bearish pattern. According to Bukowski, it works best as a continuation pattern and breaks up in this situation 68% of the time. That said, significant movement below the pink line would be bearish. The safest entry here is a break through the descending white line. Stop loss probably safe with a bit of room below 102, the recent swing low.
scott.melker@texaswestcapital.com