ABCD pattern, regular flat correction, down trend is possible
As it can be seen in the chart, based on Elliot waves (we are in the middle of wave 4 which is a regular flat correction in here ( wave b is 75% fib of wave a)),
the 60-day-period moving average (down trend), MACD ( under the zero line with longer histogram), the 21-day-period moving average and the 34-day-period moving average (21 under the 34) suggest that After breaking the trend line , this down trend continues toward its first target which is the level of wave (a) and then it might go for the 2nd target which is completion of ABCD pattern ( 100% of wave (a)). Also it is the place where Bat pattern in the bigger view can be completed.
Second scenario is: based on 123 trading method and decrease in momentum, the trend line will not be broken and will go up to break the wave(b) level and then it might go for its 1st target which is the same as stop loss below the point 3.
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