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Al suggests that around the red circle, traders often decide that the market has exited the bull channel (which I agree with, given the break below the bull trend line) and is possibly entering either a trading range or a bear trend. When the market drops below a significant higher low, as indicated by the blue circles, traders generally believe that the bull trend has definitively ended. They anticipate that the lower highs may be the initial signs of a bearish trend, characterized by a series of progressively lower highs. My question is, could we alternatively draw a line (red line) and consider this as a broader bull channel, taking care to avoid consecutive lower highs and be open to the possibility of a reversal from a more extensive bullish channel?
@Mr.Carpet
