In my previous post, we have identified the potential resistance zone around 1335. We are right there now. I would like to see a turn at this area, and projected target is at 1000 should the selling resumes.
But, it is not as simple as it sounds. There are road blocks in front of us.
let’s zoom into H4. I expect to see some good support around 1300. A break of H4 uptrend line (golden line in the chart) and 1300 support should provide some ‘feel good’ factors for bears to initial shorts again.
First target for the short side is the last swing low around 1180 , and 2nd is the completion of ABCD formation at 1000. Maybe the targets are over ambitious, but who knows? That’s the plan for now.
On the other hand, in case failed to ignite the selling engine, next resistance level is seen at area of 1527. Have a look at the weekly chart below. The ABCD projection is definitely hypothetical and extremely ambitious. We will review the price action later.
That’s all for now. What do you think? Let me message at the comment section.
From the desk of TraderGav.com