Very detailed direction forecastI put together this very detailed forecast based off chart pattern picked up on. I numbered my steps in detailing the chart to create a legitimate visualization for all to understand.
1. We see continuous rejection at 127.000 with an eventual high volume pivot.
2. We see continuous support at 126.000 keeping the trend within the straight channel between support and resistance.
3. Off the support pivot we see a break through 127.000 to be rejected at 127.500 creating new top resistance.
4. Off top resistant rejection we see a strong sell off that flew through 126.000 support with continuation. This sentiments true sell off loading up from 127.500 rejection.
5. I am watching for a market open pullback to create first weekly resistance. I sentiment this due to how far the RSI breached oversold. For continuation RSI will trade in and out of oversold zone.
6. First support retest is at 125.000 with a safe sell entry point below as long a breach and close out occurs on 1 hr.
7. A break and close out below 124.500 will create massive seller volume for a second sell entry to retest next major supports at 123.000 and 122.500. If momentum is strong enough a final retest will occur at 121.500.
Attached is my previous sell that had TP at 126.000 which smashed through hence my heavy sentiment for this trade. Any strong supports pivots at my first major supports may aim to channel resistance.
Please observe carefully following my steps and comment with any thoughts and ideas. Thank you.
