If support holds...
Maybe we are at the end of wave 2 of a correction move from too much downside we had.
We have a strong support around 6k which was tested twice and a little bullish divergence in RSI in the lower timeframes. H&S still in play.
Momentum oversold now, so if the trendline keeps intact we could break out of the falling wedge and maybe get some strength to get to higher levels and retrace max up to the 0.618 retracement of the big 10k resistance.
Quite risky and against the common bearish trend so no trading advise, just a possibility.
There is also the possibility of breaking down, once the support fails so I'm neutral.
We have a strong support around 6k which was tested twice and a little bullish divergence in RSI in the lower timeframes. H&S still in play.
Momentum oversold now, so if the trendline keeps intact we could break out of the falling wedge and maybe get some strength to get to higher levels and retrace max up to the 0.618 retracement of the big 10k resistance.
Quite risky and against the common bearish trend so no trading advise, just a possibility.
There is also the possibility of breaking down, once the support fails so I'm neutral.
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