The bottom looked rather solid, but the bullish picture is fading under the more stubborn ceiling.
Elliot-wise, the chart reads to be forming a third component of the downward corrective wave.
Because the price actions respect Gann Fan (deep green), we could again find support on one of them- 8/1 - or around 18500-18700.
Speculation.
As I analyzed before, bulls could gain momentum for a very short term, in which case we could revisit over 20400 perhaps for a moment.
If the chart breaks 20400, a price over 20900 or higher isn't unlikely. But it would be until the massive short orders are filled - before long.
Trade closed: target reached
Target reached.
But expect another dump.
Note
Update:Gann Fan 2/1 would likely be the next resistance around 23500.
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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.