Test Low Last week, will it test low again?
Updated
Last week review:
As per last Monday's analysis: "Daily chart looks it will test low again".
And it test it successfully when one of the major trading center close, causing some of selling orders find no buying orders.
Stop loss orders plus panic selling, the price was falling to around 170 level(280D SMA).
After this major trading center reopen, price rebouce to 190(200D SMA) level.
Outlook this week:
Weekly Chart: neutral.
Daily Chart: Bearish(Fake maybe).
If it is ABCD correction, maybe it is satisfied of the price falling. But it might test low again to confirm the correction is completed. After the falling trend getting support(The lower blue dot line, parallel to the log view long term downtrend line), maybe it will challenge the upper downtrend dot blue line. Maybe forming double bottom or revert H&S pattern, then another uptrend wave might be start.
Pressure: 196, 200, 205, 212, 220, 230.
Support: 185, 172, 168.
Let's watch if the daily breakdown is a fake one or not next.
As per last Monday's analysis: "Daily chart looks it will test low again".
And it test it successfully when one of the major trading center close, causing some of selling orders find no buying orders.
Stop loss orders plus panic selling, the price was falling to around 170 level(280D SMA).
After this major trading center reopen, price rebouce to 190(200D SMA) level.
Outlook this week:
Weekly Chart: neutral.
Daily Chart: Bearish(Fake maybe).
If it is ABCD correction, maybe it is satisfied of the price falling. But it might test low again to confirm the correction is completed. After the falling trend getting support(The lower blue dot line, parallel to the log view long term downtrend line), maybe it will challenge the upper downtrend dot blue line. Maybe forming double bottom or revert H&S pattern, then another uptrend wave might be start.
Pressure: 196, 200, 205, 212, 220, 230.
Support: 185, 172, 168.
Let's watch if the daily breakdown is a fake one or not next.
Note
Possible development Scenario:
1. Red: down, and drop.
2. Green: falling to test low again, getting support, range trading for a while, then breakup.
3. Blue: testing high, but not success, then falling to test low, and getting support confirmation, then breakup forming a Rev H&S pattern.
Note
Let's see Green, Blue or Red Scenario Development Next.....
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