Reversal underway as price gets rejected below cycle test zone (solid purple) and indicated buffer (dashed).
Based on yesterday's post we can note that the given H4 candle closed around 3400 critical with a low just short of previous triangular support (solid blue).
Although this was essentially the most bullish scenario imo, the close did occur below lower buffer which may have been the reason for continued momentum.
This is also under the impression that the solid blue line acted as a neckline causing a double-top pattern breakout, although 3200 could also be argued.
Current price looks to test 3200 where another rejection could send us back to 3k. Personally I don't see any signs of long-term recovery until this happens.
Based on yesterday's post we can note that the given H4 candle closed around 3400 critical with a low just short of previous triangular support (solid blue).
Although this was essentially the most bullish scenario imo, the close did occur below lower buffer which may have been the reason for continued momentum.
This is also under the impression that the solid blue line acted as a neckline causing a double-top pattern breakout, although 3200 could also be argued.
Current price looks to test 3200 where another rejection could send us back to 3k. Personally I don't see any signs of long-term recovery until this happens.
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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.