W1 : A potential mirror effect triggered by an ongoing Bearish Engulfing pattern (to be confirmed in W1 closing !) is in progress. The 23.6 % Fib ret @ 45491 of the 3850-58354 rally has already been filled. In addition, there is also a RSI bearish divergence in progress which is not been confirmed yet. Next important support level to watch is...
H4 : Last long black candle triggered a BEARISH ENGULFING PATTERN, with a closing level below MBB, TS and KS !!! Moreover, for the first time the closing level of this time frame was also below the tactical uptrend support line. In addition, technical indicators do not show recovery signal (s) yet. Watch H1 price action for...
H1 : Failure to recover and and hold above the ongoing downtrend line resistance and MBB triggered further selling pressure ! Last closing candle was below former low closing levels and below MBB, TS and KS ! No signs of any reversals in all indicators Watch next H1 closing for validation or invalidation of the ongoing bearish price...
D1 : The ongoing bearish tactical price action is currently triggering a long black bearish candle... In addition the first significant support is now, not far away, TS @ 52134 A failure to hold above this important support level, would likely trigger further downside move in a acceleration phase mode, putting the focus on the 23.6% Fib ret @...
H4 : Last long black candle with an intraH4 low @ 53461 triggered a closing which coincided with a breakout of both Tenkan-Sen and Mid Bollinger Band !! In addition the closing level coincided also with the level of the Kijun.Sen. Moreover, technical indicators are all still calling for further downside, Watch carefully H1, M15 and M5...
H1 : Watch clouds support bottom very carefully on the next H1 closing !!!
M15 : Watch Mid Bollinger Band as leading indicator and very short term downtrend line resistance. Interesting to note that the 61.8% Fib ret coincides also with the clouds resistance zone. On this time frame, a recovery and, if hold above the clouds, would neutralise the current ongoing bearish price action. Watch M5 for intermediate...
H1 : Watch the clouds as an important support zone. 2 successives dojis took place which triggered a rebound. Technical indicators are showing some signs of a recovery. Resistances levels are the following : R1 : 56327 R1 : 56713 (currently the downtrend line resistance level) R3 : 57099 IMPORTANT TO NOTE THAT 57099...
H4 : Recent price action is showing an attempt to breakout the Mid Bollinger Band support (wait for confirmation !) Indeed, from the recent top we can see 2 bearish black candles and the ongoing candles will validate or invalidate the ongoing tactical bearish price action which is for the time being in a 58350-54500 trading range. If MBB hold...