This bearish outlook is due to applying a logarithmic scale, resulting in a rising wedge pattern which is confirmed by the ATR divergence and which has been breached, signalling the start of a new downtrend or simply a correction.
If June's hanging man is confirmed, next target will probably be the bottom of the channel, but if price continues to decline and breach the channel, it will then confim the development of a wave 3 and it's corresponding long-term bear market.
If price invalidates the hanging man and keeps rising making a new all time high, then the price action since May 2015 was only a correction and the market will probably resume the uptrend.
For now, I think one should assume the trend is down.
If June's hanging man is confirmed, next target will probably be the bottom of the channel, but if price continues to decline and breach the channel, it will then confim the development of a wave 3 and it's corresponding long-term bear market.
If price invalidates the hanging man and keeps rising making a new all time high, then the price action since May 2015 was only a correction and the market will probably resume the uptrend.
For now, I think one should assume the trend is down.
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