Hey guys. Forecast here is based on the past 5 year price action.
Downtrend started near 2009 end around 2.1 then bounced for a correction in middle of 2012 which I believe we are still in.
A bullish flag is forming over the past year and a half which is currently near its resistance trendline. A break in the near future could mean a continuation of the deeper correction to .618 or .768 levels (numbers aren't showing on the chart but translucent colors are).
If we don't see a break of this resistance trendline we could see one more drop to the lower support trend line before a bullish continuation.
Thanks for analyzing and feel free to comment and critique!
Downtrend started near 2009 end around 2.1 then bounced for a correction in middle of 2012 which I believe we are still in.
A bullish flag is forming over the past year and a half which is currently near its resistance trendline. A break in the near future could mean a continuation of the deeper correction to .618 or .768 levels (numbers aren't showing on the chart but translucent colors are).
If we don't see a break of this resistance trendline we could see one more drop to the lower support trend line before a bullish continuation.
Thanks for analyzing and feel free to comment and critique!