The long awaited drop finally came into play last night, after a long day of a choppy market and trading side ways, we have finally gone bak to test the major support on 916X Region, which has faired pretty well.
Confluences taken into consideration
1) EMA Currently above current market price. 2) Shooting Star on daily time frame. 3) Multiple Trend lines aligning, creating paramaters to work within
NAS respecting the ascending trend line, i predict a further drop past the current current support and a potential long swing. The only concern with regards to news, which might push it further down is regarding the Coronavirus which is now widespread and have investors on their tip toes.
Market seemed to have consolidated more than expected on this trade, multiple confirmations of the drop from H4 candle sticks and a clear down trend forming, a unexpected crosshairs on the EMA, along with the Bollinger bands aligning up perfect for a sell and a perfect buy entry!