H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB.
KS under attack !
Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226
ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too
Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area.
Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838
A failure on very short term horizon to recover above the latter level would also confirm further downside
in the cards
Have fun :-)
Best
Ironman8848
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB.
KS under attack !
Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226
ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too
Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area.
Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838
A failure on very short term horizon to recover above the latter level would also confirm further downside
in the cards
Have fun :-)
Best
Ironman8848
Note
so far so good...38.2% Fib ret @ 36226 filledNote
H1 :Likely to see further downside towards clouds support areawatch price action on shorter (M15 and M15) for additionnal signals of pontential recovery :-)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.