Trend price channels do an excellent job holding price action, until they don't! Elliot waves tend to follow them at every degree. The peak of waves 2 and 4 defining 1 trend line and 3 and 5 defining the other.
One of the reasons I was able to have a high level of confidence in this move down before it happened was, of course, the impulsive elliott wave, but also the adherence to the trend lines.
It looks like the yellow trend channel may be in play. More downside to come. Very nice when the analysis pays off!
Up next (but not quite yet)... getting ready for a big wave 2 bounce.
