Price is still inside the triangle just below the Cloud resistance
on H4 timeframe. If we look at the daily chart to the left, we
see a longer term trendline that goes all the way back to Dec 17
and the all time high. It's been tested twice since the top and
if price can reach it again, it will be interesting to see if it can
break it. That would be a technically very significant event which
could mark the end of this bearwave we've seen for several months.
The Monthly pivot point, untested, stands at 8400. If reached
this would also mean a trendline break. But first we need to see
price break the H4 triangle to the upside and climb above the
Weekly pivot point at 7000. To the downside we have the floor
of the triangle, and if broken and taking out of the 6400 low we
might see an acceleration of the sell off and a test of the swing
low at 6000.
on H4 timeframe. If we look at the daily chart to the left, we
see a longer term trendline that goes all the way back to Dec 17
and the all time high. It's been tested twice since the top and
if price can reach it again, it will be interesting to see if it can
break it. That would be a technically very significant event which
could mark the end of this bearwave we've seen for several months.
The Monthly pivot point, untested, stands at 8400. If reached
this would also mean a trendline break. But first we need to see
price break the H4 triangle to the upside and climb above the
Weekly pivot point at 7000. To the downside we have the floor
of the triangle, and if broken and taking out of the 6400 low we
might see an acceleration of the sell off and a test of the swing
low at 6000.
