WEEKLY (W1)
Weekly closing @ 37'790 just slightly above the weekly clouds support level @ 37'516.
We, very often, hear "jamais 2 sans 3" and we saw the third weekly candle closing, in a row, above the bottom of the weekly clouds support area...
Ongoing price action is showing a recovery attempt within the clouds and in this weekly time frame, we have to...
As mentioned in my previous analysis, it is very important to look at carefully short term intraday time frames which
can help you to detect early signal of short term trend reversal, providing countertrend short term TACTICAL trading opportunities.
Looking at the hourly time frame (H1) a RSI bullish divergence, coupled with a double bottom formation has been...
H1 : The uptrend support line, rejected, for the time being the breakout attempt.
This rejection triggered some rebound which should be seen as a short term corrective move only.
Indeed, we may see a recovery towards 58500-58600 (58611 being the 61.8% Fib ret)... but it would
not alter the ongoing bearish price action in progress.
In this time frame, in order...
H4 : Triangle target is @ 48455. Nevertheless, as mentioned, in my previous D1 post,
it is likely and it is in progress, to see some recovery process which is expected to be
relatively limited.
Indeed, global picture remains heavy and is calling for further downside.
Tenkan-Sen (@ 54355) will be the first resistance level to break ahead of the Mid Bollinger
Band...
H1 : Recent price action triggered a corrective recovery towards a high so far of 56450,
making on H1 closing a doji pattern = indecision and uncertainty
Last candle did not managed to close above the 38.2% Fib ret @ 56097.
Cluster H1 support is between 55500 (MBB) and 55250(KS); a failure to hold above this area
would again trigger another wave of selling...
H4 . After having filled the 61.8% Fib ret , it is likely to see some technical recovery towards 32500/33000
Such kind of move should be used either for a quick long position or be used for selling at a better level
watch H1 for clue where bullish divergence is in progress on RSI
H1 : Short term recovery took place, filling on its way the 61.8% Fib ret of the last short term downside move.
An extension towards the 78.6% @33343 can not be ruled out.
Nevertheless, as already mentioned a couple days ago, in order to confirm a trend reversal, we need to
see a clear upside move which should break first 33915, ahead of 34247...
