Quick lower t.f update. I believe the next play will be:
1. A move from near 8416 down to near 8260 2. A move from near 8260 up to near 8490 3. A dump from near 8490 to near 8000
I just note that the move 1. Up to 8416 may not happen as the price currently appears to be very weak.
Before the dump at #3, there may be a sideways move from some time, followed by a move up to as high as 8550 to hunt stops before dumping.
Breaking below 8000 would cause this week to become bearish. However, if 8000 holds as support, a move up to 9000’s is likely.
Once again, this is just an idea. Please do your own t.a and find your own confluence, and review the our reasoning for entering any trade.
I am currently in China, and making preparations to stay safe from the Coronavirus. This may become a public emergency, so I may not be able to update this idea. Thanks for your understanding.