Scenario1 Rotational play between 34220-35330 yielded good result.
On Friday we saw Scenario 2 with breakdown of 34220 short.
Market should be attempting 33433 next, and then the 32427-32167
region.
Should market reach 32427-32167, wait for price reaction.
Play scenarios mapped out:
1) Test of 34220 breakdown, and continue toward 32167-32427 region
3) 32167-32427: If level is broken and later market returns to this area,
and is supported, next may be an attempt for an upward move
3) 33433 is supported and market attempt higher levels.
Price reaction levels
Short on Test and Reject | Long on Test and Accept
36446 35750 35330
34945 34367 34220
33427 32492 32167
Weekly: Average volume wider spread down bar close off low = weakness
with some demand
Daily: High volume down bar closing off low = weakness with some demand
H4: UHV bearish absorption + high vol down bar closing at low = weakness
Remember to like and follow if you find this useful.
Have a profitable week ahead.
