A descending triangle is forming on the 700 dollar support / prior break out resistance.
It doesn't look great given it's revisited the 700 dollar support the 3rd time with a decreasing peak, thus forming the slope of a descending triangle.
To be bullish price needs to reclaim 780.
A 4th touch to the base of the descending triangle will make me bearish.
I'm not a fear mongerer, I just follow the charts. I have been bullish and bought the 600 dollar dip as per previous post.
Summary
-Inaction is best within the 700-780 range
- above 780 is bullish
- a 4th touch of 700 is bearish
- Follow the descnding triangle for trade setups.