(Click on the Daily chart to enlarge it)
Since mid August prices were forming a beautifull Broadening Wedge Descending pattern. On Oct 16th price broke up its upper line doing a nice throwback to it on Oct 20th, confirming this pattern and unleashing the bulls.
But on Oct 26th prices found resistance at 92.30 and formed a beautiful Evening Star with a Hanging Man, pushing prices down for another throwback to the upper trendline of this Broadening Wedge Descending on Nov 01st, forming a classic Morning Star even with a gap. This classic Morning Star confirmed once more that the Broadening Wedge descending worked as a Bullish Reversal pattern.
But, the strong Bearish move last Friday Nov 06th closing the gap of this Morning Star kind of cancels it.
So my strategy is to SELL SHORT at break of support area 89.87/80. I´ll add lots below 89.62 and 89.20. LIMIT is 88.83. If this level gets broken down too, I´ll keep trying to enter SHORT with LIMIT at 88.00
If I´m wrong I´ll enter LONG above 90.80.
