Black channel:
- main uptrend channel
- in play since 2013
- currently testing the top as resistance (weekly) or (probably) as support (daily)
Green channel:
- stronger uptrend channel
- in play since 2018
- still in play but it looks like a smaller downtrend channel is forming inside (red channel)
Red channel:
- downtrend channel
- possible LH on .786 fib. retr., aprox. 1500 EUR (round number)
Scenario 1 (bullish):
- red downtrend channel confirmed with a LH
- possible right shoulder forming around daily 50 SMA (green), between .50 and .618 fib. retr.
- daily RSI seems to agree with price action and momentum is slowing
- 4h RSI oversold and pointing downward
- 4h MACD looks like a bearish cross is on the way
- looking for ~1430-1460 EUR
Scenario 2 (bullish):
- alternatively, testing black channel as support (4h, daily)
- daily MACD bullish cross
- ~1560 EUR as resistance again
Scenario 3 (short-term bearish):
- still a fair change of happening due to the global pandemic
- after having successfully tested daily 200 SMA as support I believe this scenario is less likely
- we continue with the red channel (i.e. LH and LL)
- daily 200 SMA ends up working as support again
- or bottom of green channel provides support
- main uptrend channel
- in play since 2013
- currently testing the top as resistance (weekly) or (probably) as support (daily)
Green channel:
- stronger uptrend channel
- in play since 2018
- still in play but it looks like a smaller downtrend channel is forming inside (red channel)
Red channel:
- downtrend channel
- possible LH on .786 fib. retr., aprox. 1500 EUR (round number)
Scenario 1 (bullish):
- red downtrend channel confirmed with a LH
- possible right shoulder forming around daily 50 SMA (green), between .50 and .618 fib. retr.
- daily RSI seems to agree with price action and momentum is slowing
- 4h RSI oversold and pointing downward
- 4h MACD looks like a bearish cross is on the way
- looking for ~1430-1460 EUR
Scenario 2 (bullish):
- alternatively, testing black channel as support (4h, daily)
- daily MACD bullish cross
- ~1560 EUR as resistance again
Scenario 3 (short-term bearish):
- still a fair change of happening due to the global pandemic
- after having successfully tested daily 200 SMA as support I believe this scenario is less likely
- we continue with the red channel (i.e. LH and LL)
- daily 200 SMA ends up working as support again
- or bottom of green channel provides support
Note
Scenario 1 & 3 still in play.Either way, price action should stay inside green channel for a good time to come.
Note
Descending triangle (bearish): Note
Note
Note
*ignore previous comment*Note
Here we go!Note
Scenario 1 played out. Currently bouncing from the top of the green channel.
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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.