The white up-sloping lines are the lines of a LT Pitchfork. The dashed one is the WL1 (Warning-Line 1).
Price was not able to find support above the WL1. So it's naturally break down and...we see a classic retest from below. Picture perfect rulebook trade!
Then price trades south again and nearly meets the Centerline of the yellow Fork.
The red dashed line is where I expect price to retest as it did at the WL1. From there, the final move #5 will blow out the last longs...happy new year!
If I where short, my first target would be at least the U-MLH of the white up-sloping Fork. Additional support comes in where price was fighting, which is expected somewhere in the blue zone.
P!
Komen
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Here's the quarterly "naked" chart:
Komen
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We approach the slanted resistance. Let's see how it unfolds up there:
Lets wait and see what is next.