Upthrust action above the range broke the low with declining momentum in the channel as a test of demand ( testing for lower prices) and a major sign of weakness , expect price to return to the range for confirmation or to continue into the third stage of a range the target will be the low of the range for about 500-600 pips .
The confirmation will be
A shortening of the downward thrust at 3 deceasing expansion in retrospect to 1 and 2.
The entry will be
An upthrust bar from 3 into the liquidity wicks that hinder a higher tail making a higher low double bottom
The second entry will be the break of the channel resistance with a reject at the support
No excuses
Gl
The confirmation will be
A shortening of the downward thrust at 3 deceasing expansion in retrospect to 1 and 2.
The entry will be
An upthrust bar from 3 into the liquidity wicks that hinder a higher tail making a higher low double bottom
The second entry will be the break of the channel resistance with a reject at the support
No excuses
Gl