Good morning traders,
some of you have taken a long position yesterday, after the small inverted Head & Shoulder on a smaller interval seemed to break upwards. The target for this small IHS is roughly located just under the so important Yearly Pivot . The November is nearly finished and we will get new Monthly Pivots in a couple of days. To be honest, I am under the impression that it will be decided between the Channel Middle Line and the Yearly Pivot if this heads further down towards Quarterly S1 or will end this correcture. A bearish retest of that Yearly Pivot is within possibilities and would send us likely to the lower 6k´s.
To mention is the regular bullish divergence on this Daily and the fact it accepted again the Channel Support. We are not out of the woods, but have a new local low with a key-level to break, before further down-action. (blue)
Happy trading.
_________________
Neru
some of you have taken a long position yesterday, after the small inverted Head & Shoulder on a smaller interval seemed to break upwards. The target for this small IHS is roughly located just under the so important Yearly Pivot . The November is nearly finished and we will get new Monthly Pivots in a couple of days. To be honest, I am under the impression that it will be decided between the Channel Middle Line and the Yearly Pivot if this heads further down towards Quarterly S1 or will end this correcture. A bearish retest of that Yearly Pivot is within possibilities and would send us likely to the lower 6k´s.
To mention is the regular bullish divergence on this Daily and the fact it accepted again the Channel Support. We are not out of the woods, but have a new local low with a key-level to break, before further down-action. (blue)
Happy trading.
_________________
Neru
