Is 5000.0 reaching realistic?MPP (S1) 6353.9 from the small return which makes me think that it is a downtrend again It was this week's price movements.
Currently it is stopped with double zero 6000.0 and it is a small range.
Although the shape is irregular when looking at the daily chart, there are head and shoulders.
When penetrating down the its neck line, I feel realistically that it reaches near double zero 5000.0.
Daily
Looking it as a downtrend, the strategy is briefly as follows.
1) It was judged that double zero 6000.0 functioned as resistance
Short.
The target is double zero above 5000.0 or above MPP (S2) 5221.9 if it goes bullish, but I think that it should be decided by the way of risk reward such as taking WePP updated at the beginning of the week into consideration or making it above 5500 .
2) Doubtful whether double zero 6000.0 is functioning
MPP (S1) Return to near 6353.9, Short if it can be determined that it functions as a resistance.
If it clearly penetrate MPP (S1) 6353.9 and function as support, or if it skyrockets, We will see.
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thickLine: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding double zero
Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close
x mark: Line which may not function
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