Hey Folks. Jumping right in the bloody water. Bears are pummeling the bulls recently, and lucky for us, our indicators and charts have helped us avoid any loses. The 4 hour chart, 1 day chart and 1 weekly chart still show downtrend is still intact.
On the 4 hour chart, we do see a falling wedge forming. Support currently is 7200 and 6900. The wedge, if true, should bounce on one of these two supports. I will continue to monitor the chart throughout the day and will update if I see anything jumping out.
Overall Summary:
Downtrend still in force. nothing has changed this. Falling wedge has emerged and possible reversal coming as long as trading between the wedge that I drew. MACDs for 1 day, 4 hour, 1 week still shows bearish.
On the 4 hour chart, we do see a falling wedge forming. Support currently is 7200 and 6900. The wedge, if true, should bounce on one of these two supports. I will continue to monitor the chart throughout the day and will update if I see anything jumping out.
Overall Summary:
Downtrend still in force. nothing has changed this. Falling wedge has emerged and possible reversal coming as long as trading between the wedge that I drew. MACDs for 1 day, 4 hour, 1 week still shows bearish.
Comment:
The chart below has the support and resistance you can use to see where we bounce off.
Comment:
let's try that again: