Hello to everybody, today we are going to look at the 4 hours time frame which is showing a TRIPLE RSI BEARISH DIVERGENCES, coupled with a
double top formation in progress with its trigger level @ 41'000.
Therefore, I would strongly suggest to watch carefully a the 41'000 area ahead of 40'705 (MMB); indeed, a breakout and a failure to quickly recover
above the area above mentioned would first of all :
1) Activate the double top pattern, in opening the door for a target of 39'386
2) Failure to hold and stay above MBB (40'705) and a following breakout of KS (40'473) would be the signal confirmation of a trend reversal, calling for
further downside towards the H4 clouds support area 38'300-35'000 (38.2% Fib Ret @ 37'528)
In case of an opposite move to the upside, we, now need to see a clear breakout of the former highs (42'411 & 42'614) potential double top previously mentioned,
to neutralized the ongoing downside risk.
Targets on the upside would be :
1) 42'894
2) 44'800
3) 47'095
Have a nice Sunday afternoon.
Here in Switzerland it is the National Holiday (1st August) :-)
All the best to all of you and take care
Ironman8848
double top formation in progress with its trigger level @ 41'000.
Therefore, I would strongly suggest to watch carefully a the 41'000 area ahead of 40'705 (MMB); indeed, a breakout and a failure to quickly recover
above the area above mentioned would first of all :
1) Activate the double top pattern, in opening the door for a target of 39'386
2) Failure to hold and stay above MBB (40'705) and a following breakout of KS (40'473) would be the signal confirmation of a trend reversal, calling for
further downside towards the H4 clouds support area 38'300-35'000 (38.2% Fib Ret @ 37'528)
In case of an opposite move to the upside, we, now need to see a clear breakout of the former highs (42'411 & 42'614) potential double top previously mentioned,
to neutralized the ongoing downside risk.
Targets on the upside would be :
1) 42'894
2) 44'800
3) 47'095
Have a nice Sunday afternoon.
Here in Switzerland it is the National Holiday (1st August) :-)
All the best to all of you and take care
Ironman8848
