We are currently in the 1st ellipse pointed out about 2 weeks ago (link to that post below).
We can see lots of buying coming in at the bottom of the range, however we also see the overall immense pressure of selling at various points of this range as well.
Prices has only retraced till Fib23.6 of the current down leg which indicates there's a further move down to go (it may travel down the channel or it could be a trap move, that I may not be too clear; I hope it's the latter).
I'm expecting prices to test 23350 region before retracing decently, and hopefully towards our 2nd ellipse in due course.
Please refer to previous plan in link below to get a complete picture.
We can see lots of buying coming in at the bottom of the range, however we also see the overall immense pressure of selling at various points of this range as well.
Prices has only retraced till Fib23.6 of the current down leg which indicates there's a further move down to go (it may travel down the channel or it could be a trap move, that I may not be too clear; I hope it's the latter).
I'm expecting prices to test 23350 region before retracing decently, and hopefully towards our 2nd ellipse in due course.
Please refer to previous plan in link below to get a complete picture.
