currently a triangular is formed between the two
zones (red areas). The below the current low stands at 7000 which
is the 78,6 fib and the Monthly S1. Price shouldn't daily close below the latter (6900)
since it would expose the 5900 low.
A break and close outside the triangle, either way, may push price further in that
direction. To the upside, price will quickly ran into the confirmed
(red line). A close above that and we may see further gains.
Overall, price failed to stay inside the Cloud on and the trend has
shifted yet again, thus adding downside pressure going forward. Only a
close back inside the Cloud will relieve the pressure somewhat. As long as
price trades below the on the hourly, we expect further losses . Even with
a break above the , price really needs to take out the top at 9870, to create
the first part of a reversal swing. Also, there is a slight between
the March 9 & March 15 lows.
think about money management. Don't risk more than 5% of your total equity at any given trade. This is the golden rule. Daytrading is all about protecting your capital and risk
management. Good luck.