Trader's Logbook

MARC trying to move above the 76.4% Fibonacci Retracement level. The movement looks similar that of early last month. But we also notice a Descending Triangle formation for MARC. The Descending Triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.

Who will win, the bulls or the bears? Caveat!