Interesting candle today. We're still within the triangle consolidation on the Daily chart. However, we did poke our head out above the upper trend line, but we closed right on the trend line rather than above it. We did close above the 8ema though. Notice today's candle formed a Bullish Engulfing candlestick pattern when combined with yesterday's candle.
Importantly, we are right at the point in triangle (about 80% to the apex) where you can expect a break out. We could certainly bounce off the upper trend line and start heading downward, and thereby continue the bearish price action that led into the triangle. But, since we're in a Gartley pattern, there's a very good chance we'll break to the upside. And this is my expectation sometime this week.
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