On the weekly timeframe, we can spot a double-top formation in the first 6 months of 2018, with the price hitting 3800 twice. After the double-top formation reversed, the price broke the 3000 level, and reached down to 2310.
Zooming on the daily timeframe chart, we can spot a double-bottom formation during the month of October 2018, with a consolidation area forming between 2330 and 2600.
The price broke upwards, through 2650, and we can expect a bullish trend up to 2900. This level is confirmed by both the consolidation zone height, and by the Fibonacci levels, as a 61.8%. If the price action is strong enough, the price can reach (with a wick on the daily chart) the 71% fib level, around 2980 (short of the 3000 psychological level), and retrace down towards the consolidation area.
If the fib levels are respected, the price can potentially turn into a bearish trend towards the end of the year, back towards 2330.
Zooming on the daily timeframe chart, we can spot a double-bottom formation during the month of October 2018, with a consolidation area forming between 2330 and 2600.
The price broke upwards, through 2650, and we can expect a bullish trend up to 2900. This level is confirmed by both the consolidation zone height, and by the Fibonacci levels, as a 61.8%. If the price action is strong enough, the price can reach (with a wick on the daily chart) the 71% fib level, around 2980 (short of the 3000 psychological level), and retrace down towards the consolidation area.
If the fib levels are respected, the price can potentially turn into a bearish trend towards the end of the year, back towards 2330.
We are now monitoring the action, looking for a potential hit of 2980 and reversal to 2330.