It looks like the recent breakout above the trend line might be a fake breakout. This is the current scenario that indicates a possible drop towards the level of $7,721.
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To be or not to be. Interesting levels. Targets on Chart.
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The horizontal correction is getting stretched in price and time, but it does not mean this would be the second wave X in development, because as soon as the level of $7,890 is violated we will have the first confirmation that the low of the wave 2/b is in place.
I fully agree with your chart Sebastian! In my opinion we should drop from 7600-7650 level and break downwards the falling wedge. Excellent opportunity to open shorts targeting 6800 :)