Currently price has fallen below the mid-term channel support (purple). This support has not been violated since the uptrend from the bottom. A daily close below this trendline confirms the start of a bearish trend downward.
However, keep in mind that a close now under 9100 will cause a gap in the CME futures, which means that price must go up to refill it.
It is still possible that before today's close price might bounce to reduce that gap.
In case price bounces of the purple trendline, the current price structure is very similar to just prior the break above 7.3K, and confined within the same upward diagonal trendlines from that period.
However, keep in mind that a close now under 9100 will cause a gap in the CME futures, which means that price must go up to refill it.
It is still possible that before today's close price might bounce to reduce that gap.
In case price bounces of the purple trendline, the current price structure is very similar to just prior the break above 7.3K, and confined within the same upward diagonal trendlines from that period.
Comment:
testing channel support, if price goes back in the channel it is bullish.
