Correction overdue with possible inverted head and shoulders??
Am I the only one unconfortable with the fact that the €1000 candle from 12/04/18 has not been tested to the 0.5? I think a test is overdue and so is a correction judging by the indicators - however RSI is at 59 on the daily, which it has not done since the 20/12/17, this would help towards the trend reversal case. I would however not be happy if we crossed this threshold without retesting the previously mentioned large daily candle.
Taking into account the .5 fib level a correction would start forming what looks like a bit of an inverted H&S... Aiming first for 7300 to the upside to then correct all the way down to approximately 6000. If then price picks back up the H&S would begin to take real shape and provide a platform where price and momentum would have a real chance to corroborate that trend reversal.
Will continue to watch and see.
Taking into account the .5 fib level a correction would start forming what looks like a bit of an inverted H&S... Aiming first for 7300 to the upside to then correct all the way down to approximately 6000. If then price picks back up the H&S would begin to take real shape and provide a platform where price and momentum would have a real chance to corroborate that trend reversal.
Will continue to watch and see.