H4 : Last candle triggered a second "shooting star".
Important to note that both patterns took place following the failure to upside breakout KS
Moreover, clouds support is very thin = fragility !
In addition, MBB and TS also coincides with the clouds support area.
Watch also the first uptrend line support (the one which rely the closing lows) as the first significant support line, ahead of
the one relying the low of the candles.
There is also a double top formation in progress (shooting stars top !) with its trigger level @ 35430
A failure to hold above 35430 would open the door for a target @ 33410
On the upside, in order to neutralise further downside risk, we need to see a recovery above former highs (37450 & 37320)
Finally, as long as we stay below the former downtrend line resistance (in red) the trend remains BEARISH !
Currently, in a broad triangle pattern where a breakout should occur over the coming hours, either on the upside or on the downside...
Wait and see
Important to note that both patterns took place following the failure to upside breakout KS
Moreover, clouds support is very thin = fragility !
In addition, MBB and TS also coincides with the clouds support area.
Watch also the first uptrend line support (the one which rely the closing lows) as the first significant support line, ahead of
the one relying the low of the candles.
There is also a double top formation in progress (shooting stars top !) with its trigger level @ 35430
A failure to hold above 35430 would open the door for a target @ 33410
On the upside, in order to neutralise further downside risk, we need to see a recovery above former highs (37450 & 37320)
Finally, as long as we stay below the former downtrend line resistance (in red) the trend remains BEARISH !
Currently, in a broad triangle pattern where a breakout should occur over the coming hours, either on the upside or on the downside...
Wait and see