A sound rejection by the descending triangle trendline.
The last few candles experienced a sound rejection via descending triangle resistance. I am now waiting for a TD price flip with a red X trading below a red Y somewhere in the vicinity of triangle support.
My highest probability outcome is that price will breakdown triangle support, falling into open air until it once again retests the 200 EMA. Should that happen, there would likely be a death cross involving the 10 and 50 EMA. Also of note, the RSI has now created a lower high to match the lower high of price.
My highest probability outcome is that price will breakdown triangle support, falling into open air until it once again retests the 200 EMA. Should that happen, there would likely be a death cross involving the 10 and 50 EMA. Also of note, the RSI has now created a lower high to match the lower high of price.