Chart speaks for itself. Not taking a position yet however I'm leaning short - it is a possibility as is a breakout to higher levels.
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So far so good!
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Well....
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Support is now resistance - I'd expect a further move down but the bulls are decided to hold it off for now. Current price action shows another accumulation phase so we could see a violent move up or down again.
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There it is!
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You can't say I didn't tell you ;)
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Update - If this really was an impulse wave down, we should see an ABC correction wave now. We're now forming regular bullish divergence on the 12H chart for both RSI and Stoch RSI. This could get us to test 6600 similarly to the previous test of 6800.
But, Stoch RSI indicates we haven't found our lowest low yet so we should break down again in the later this week or next week. The chart below shows the more bearish side of things with this being the start of another impulse wave after that correction wave.
But, Stoch RSI indicates we haven't found our lowest low yet so we should break down again in the later this week or next week. The chart below shows the more bearish side of things with this being the start of another impulse wave after that correction wave.
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We'd also need to break our new 3D resistance around 6250.
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Don't forget to press play ;) New update coming soon.
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Back with another possible scenario:
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;)