On the daily log chart you can see that we are still bearish indicated with the RED trendline.
The 200 EMA and this bearish trendline is on the way to make an intersection.
Currently we are sitting on the 0.382 Fibb and it is still not clear that we are gonna move UP or DOWN.
If we break the 200 EMA and also break the bearish trendline, then it is very likely that we gonna move up significantly. My first target is the 9100-9200 level. Bouncing back from here would creat a double top and indiacte that it was a false break out and we would turn bearish again. Breaking this zone would reinforce bulls and we would go up to the next zone: 9750-10000. The bottom of the zone is the 0.618 Fibbo and the top of the zone is the 200 SMA (red).
The second scenario is that we do not manage to break this key intersection point and we bounce back from the bearish threndline and the 200 EMA.
Both scenario provides great entry points, since either we move up or down, it is gonna be significant! So be prepared and watch carefully.
If you liked this analysis please leave a like!
***This is not a financial advice!***
Comment
⋅
So as you can see we did break out, but this rising wedge + possible double top combination is still very likely to turn things bearish!
Comment
⋅
False breakout. The top of the wedge showed great resistance. We gonna turn bearish now and break out downward from the wedge.