Either a triple top or an inverted H&S: Crucial week
1) Most indices retraced 50%, and we are at a very important turning point: if indices breakout cleanly there resistance (for instance SP500 at 2610.8, among other ones) then I would reassess my short bias as we would go back to potentially bullish territory (however, this would mean that the world and its economy become rosier --- no more issues!). The DAX could then retrace everything back up and reintegrate previous broken support levels.
2) In case it doesn't work out, then a triple top could be validated if a clean breakout occurs as well. We could retest all the leg down (80-100%). As volume is decreasing, I believe we had fake rallies and simply witnessed a great technical bounce (see monthly charts) while retracing a down run on US indices.
We shall see, everything has to be decided tonight and in the following days in my humble opinion.
2) In case it doesn't work out, then a triple top could be validated if a clean breakout occurs as well. We could retest all the leg down (80-100%). As volume is decreasing, I believe we had fake rallies and simply witnessed a great technical bounce (see monthly charts) while retracing a down run on US indices.
We shall see, everything has to be decided tonight and in the following days in my humble opinion.
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