But now the price action has almost broke down the 100MA support and going struggling at support if this support will be also broken then the price action will go to hit 200MA support and next priceline support which is almost at $7500.
In second case the price action may form a and take after forming last leg between 1.27 to 1.618 Fibonacci
is strong .
has still more room to drop and enter in oversold zone.
If at this support will turn then the will be not invalidated and the targets as mentioned in my previous chart will be hit otherwise I will post my next chart after breakdown of support lets wait and watch.
Best of luck and regards,
Atif Akbar (moon333)
Different metrics for me, but similar outcome ( bearish case ).
I would keep an eye on MA100/W within next few weeks.
A bath into the "liquidity pool" below 8500$ would actually strengthen the bullish trend, so i'd welcome it.
As long as MA100/W holds, as it did back in 2016.
Short time we'll have an interesting WE imho, given CME Futures expiration tomorrow.
We may experience some technical rebound, further volatility both ways.