Right now, everybody is watching those two trendlines. A decision will be made soon, because the apex (where the trendlines cross) is only 4 days away.
But don't jump to conclusions right away, if any of those trendlines is breached. It could be a fake breakout.
What we need is a significant breach, then a backtest of the trendline and after that the trend needs to be able to continue in the direction of the breakout.
This could be quite boring for another week or two. But this calm will not last forever...
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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