The monthly trend line remains intact for now but a break of this support level would suggest to me of a more severe pull back. Bearish divergence on the monthly chart had warned of recent weakness and like the Elliott Wave indicator, had been looking for a test of the 1,600 region but this might not evolve. Any new monthly close back above the 2,000 level would help to support the recovery
Note
A break of the monthly support trend line. The monthly trend line remains intact for now but a break of this support level would suggest to me of a more severe pull back. Bearish divergence on the monthly chart had warned of recent weakness. I had been looking for a test of the 1,600 region but this might not evolve. Note the bullish engulfing style candle
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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.