Trend = bearish
PHASE 3
Break-out or reversal zone- The bears continued to push price lower passed the weekly low. This means that we have a first time break and a switch of momentum.
- Price nearly hits the monthly key level, where we should be watching for reversal patterns or at least a slowing down of the bearish momentum.
- In order to regain a bullish momentum again, we should reclaim the weekly low again before the close of the next weekly candle.