1. Continuation of correction
There is a big pattern. If a convincing price fall under the neckline takes place, it might reach 10000, which is a good buy opportunity.
Anything is possible, but if we reach 10000, which acts as support, I belive it might return to the overall trend.
2. Testing reversal
However, it might go up if it breaks the resistence line and the downtrend line from , targeting the last high. A clear sustained price break can take us to 16500.
Yey, my first public idea: done! Hope it gets read by someone. :)
Evening Star pattern is a bearish reversal pattern and if it appears it increases the chances that we encounter Ascending Broadening Wedge too (which may lead to further reversal).
Be patient and prepared for anything. Sentiment can change and we can go the other way around, retesting resistence.
The Ascending Broadening Wedge pattern remains a possibility, on the short term. If it will be successful, it will test the support zone below. There is a possibility of breaking downward from the triangle.
I'm bullish on bearish developement. :)) Time will tell. It might be a New Year gift for those who go short, or it might be a trap. Trade acording to your plan, be cautios and patient.
I think a clear sign of further downward movement would be a strong candle closed below the last low, at 12132, on the 4 hour chart. If that support becomes resistance, when it will be tested, that's another sign.
It could also mean the confirming Triangle and H&S patterns.
Strategy still in place: if we convincingly break support line of the wedge, ideally on the 4 hour chart as well, we go down. I'm not sure how far down. Possibly a bit lower than 12132, which was the last low. Although... it has to break support zone first.
The price broke out of the Triangle and is going to test the next resistence.
Also it's possible we don't reach that price or go way above it.