Why are we saying that?
- we had a 28% almost perpendicular move without correction
- (for the moment) 12h RSI has a bearish divergence + daily TD8 out of 9 near major resistance
- volume is decreasing
- we are at the 1.618 extension of the impulse from 5780 to 6839
If the sentiment is bullish price should not fall under 7091 (0.382). The next support is at 6899 (0.5 & IH&S's neckline).
The neckline is the last line of defense for the bulls. If we break it chances of creating a new low are quite high.
Short between 7700 and 7900
SL: 8100
TP1: 7100
TP2: 6900
- we had a 28% almost perpendicular move without correction
- (for the moment) 12h RSI has a bearish divergence + daily TD8 out of 9 near major resistance
- volume is decreasing
- we are at the 1.618 extension of the impulse from 5780 to 6839
If the sentiment is bullish price should not fall under 7091 (0.382). The next support is at 6899 (0.5 & IH&S's neckline).
The neckline is the last line of defense for the bulls. If we break it chances of creating a new low are quite high.
Short between 7700 and 7900
SL: 8100
TP1: 7100
TP2: 6900
Note
On the linear scale the price encounters even more resistance at this level.
Note
12H MACD, RSI and STOCH RSI divergence.
Note
ABC or 1-2-3-4-5?
If it's ABC then it's not good for the bull because 5100-4800 is waiting for us. This scenario is invalidated if we break 8000. If it's 1-2-3-4-5 then we should have a correction to the highest probability zone for wave 4 - between 0.382 and 0.5.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.