Price is having a lot of decision in the 1786 to 1810 area. After a big push to the downside 2 weeks ago and a lot of volatility last week related to news and the FED meeting, there was a slight push up but nothing major and a lot of indication of price exhaustion on the daily timeframe.
I anticipate one of the following 2 scenarios for this weeks moves:
Scenario 1: Price will push up past the 1815 key level, get exhausted and fall back down to this same area. If this occurs, I will be looking bearish exhaustion and an entry signal to get in to the continuation of the bullish move to about the 1825 level or higher as price moves towards the top of the trendline of the weekly descending triangle.
Scenario 2: Price will push down below the 1800 level, get exhausted and push back up to this same level and then continue to break down towards the weekly support level of about 1785.
If this occurs I will be looking to get in around this 1800 level retest and ride down to this 1785 level.
Let's see what this week holds, happy trading!
I anticipate one of the following 2 scenarios for this weeks moves:
Scenario 1: Price will push up past the 1815 key level, get exhausted and fall back down to this same area. If this occurs, I will be looking bearish exhaustion and an entry signal to get in to the continuation of the bullish move to about the 1825 level or higher as price moves towards the top of the trendline of the weekly descending triangle.
Scenario 2: Price will push down below the 1800 level, get exhausted and push back up to this same level and then continue to break down towards the weekly support level of about 1785.
If this occurs I will be looking to get in around this 1800 level retest and ride down to this 1785 level.
Let's see what this week holds, happy trading!