Major daily trend is bullish, but we see multiple sell signals, which indicate a bearish correction.
Daily: Slow Stoch bearish cross, MACD is about to cross down as well. Ichimoku components are still favour long term bulls.
4 Hrs: Teankan/Kijun weak bearish cross, Chikou Span dropped below price candles, Price enterring the Kumo and will try to penetrate 100 WMA soon. DMI is bearish now with ADX slowly accelerating.
One can say OK, but isn't it the same pattern like we had 20-25th June? Yes, so far it looks like similar on 4 Hrs, but there is one big difference: the above mentionned higher time frame, so the Daily MACD, which now looks more bearish, while on the previous small dip it did not. This gives slightly better chance that sooner or later we'll have a confirmation signal on 4 Hrs chart for a short term bearish move.
The bearish tgt is 1,6900 - 1,6925. Stop loss should be 1,7160.
Daily: Slow Stoch bearish cross, MACD is about to cross down as well. Ichimoku components are still favour long term bulls.
4 Hrs: Teankan/Kijun weak bearish cross, Chikou Span dropped below price candles, Price enterring the Kumo and will try to penetrate 100 WMA soon. DMI is bearish now with ADX slowly accelerating.
One can say OK, but isn't it the same pattern like we had 20-25th June? Yes, so far it looks like similar on 4 Hrs, but there is one big difference: the above mentionned higher time frame, so the Daily MACD, which now looks more bearish, while on the previous small dip it did not. This gives slightly better chance that sooner or later we'll have a confirmation signal on 4 Hrs chart for a short term bearish move.
The bearish tgt is 1,6900 - 1,6925. Stop loss should be 1,7160.