This analysis very much attaches itself to the analysis I posted yesterday, and could be considered a part 2. (See related ideas below for more information regarding this analysis.) Yesterday I discussed 2 nice levels where we could look for a long opportunity. The first of which, seems to to have failed to ultimately hold it's own and price did go below it. Besides this support, I also let you all know to look below there at the structure support level.
After some eagle eye analysis, I realised that the structure support on the pattern in my previous analysis actually perfectly coincides with the finishing of a minor 3 wave pattern on the 4 hour chart. In other words, the structure support, and the minor 3 wave pattern on the 4 hour both land in the EXACT same place, showing this could be a pretty good support level overall.
It is worth bearing in mind however that when price hits this support, it could bounce, but will immediately be at a disadvantage. Why? Because price is below both the 50 and 200 moving averages and will need to get above these nicely for a proper move up. Despite this, the support is still a high probability bouncing area.
Had price break below the support, I'll just go back to the drawing board and start again - not bothered if an analysis in hindsight is wrong, I only care about preserving my capital.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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After some eagle eye analysis, I realised that the structure support on the pattern in my previous analysis actually perfectly coincides with the finishing of a minor 3 wave pattern on the 4 hour chart. In other words, the structure support, and the minor 3 wave pattern on the 4 hour both land in the EXACT same place, showing this could be a pretty good support level overall.
It is worth bearing in mind however that when price hits this support, it could bounce, but will immediately be at a disadvantage. Why? Because price is below both the 50 and 200 moving averages and will need to get above these nicely for a proper move up. Despite this, the support is still a high probability bouncing area.
Had price break below the support, I'll just go back to the drawing board and start again - not bothered if an analysis in hindsight is wrong, I only care about preserving my capital.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Price has tucked in right on the 200 major moving average support. Will it hold here? Or nudge slightly further down to the horizontal/side-wards support level coinciding at 6470?
I guess we will soon all find out.
Where do YOU think price is headed? Leave some charts below and let's share our analysis!
Please leave a LIKE. I'd really appreciate it. :-)
I guess we will soon all find out.
Where do YOU think price is headed? Leave some charts below and let's share our analysis!
Please leave a LIKE. I'd really appreciate it. :-)
This just simply tells me that we are't there just yet and need to wait a bit longer.
I'll keep this analysis updated had it receive sufficient attention :-)
Please leave a LIKE. I'd really appreciate it.