After a strong breakout from a falling wedge and handle pattern on Wednesday, Nov 6, 2024, price surged to an All-Time High of 109,358.01. However, a retracement followed, with the formation of a double top pattern leading to a breakdown below the neckline at 91,809.11, sending prices tumbling to 78,167.81, perfectly aligning with the golden ratio (50% Fibonacci level).
From there, buyers stepped in, pushing the price back up to the 38.2% Fibonacci level, but strong resistance led to two rejections and the formation of three consecutive doji candles, signalling market indecision.
What’s Next?
🔹 Bullish Scenario: A breakout above 38.2% could lead to a neckline retest 91,809.11.
🔹 Bearish Scenario: If rejection holds, the double top projection targets is 74,279.20, with further downside towards 61.8% or 66%, aligning with the daily trendline.
📢 Risk Management Reminder:
The market is at a critical level—manage your risk wisely! Set stop losses, use proper position sizing, and avoid over-leveraging. Patience and discipline are key!
From there, buyers stepped in, pushing the price back up to the 38.2% Fibonacci level, but strong resistance led to two rejections and the formation of three consecutive doji candles, signalling market indecision.
What’s Next?
🔹 Bullish Scenario: A breakout above 38.2% could lead to a neckline retest 91,809.11.
🔹 Bearish Scenario: If rejection holds, the double top projection targets is 74,279.20, with further downside towards 61.8% or 66%, aligning with the daily trendline.
📢 Risk Management Reminder:
The market is at a critical level—manage your risk wisely! Set stop losses, use proper position sizing, and avoid over-leveraging. Patience and discipline are key!
Trade closed: target reached
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.