M1 : Currently above the M1 pivot @ 52'021, low seen over
the week @ 52'924
W1 : Roughly in the middle of an ongoing uptrend channel.
Watch potential breakout on one or on the other side.
On the downside major support to look at on W1 basis is @ 49'100
which is also, currently by the way the bottom of the clouds support area.
D1 : WATCH THE CLOUDS, WHICH AGAIN AS YOU CAN SEE WORKED PERFECTLS WELL
AS VERY GOOD SUPPORT AND RESISTANCE INDICATORS !
On the upside first resistance is @ 58'296 (see H4) ahead of the former double top
area @ 59603, which is also the top of the clouds.
On the downside, first support is @ 56'265 ahead of 55'482
H4 : Nice recovery seen recently, the 61.8 % Fib ret @ 57'271 has been filled with a high
so far @ 58'021.
Watch 57'245 as the first significant support level as a failure to stay and hold above it would
be the first warning of a trend reversal in this time frame, calling for a move towards the clouds
support zone 56'500-55'500
H1 : Above the clouds in a sideways channel price action. Former support uptrend line currently under attack !
M30 : Above the clouds, in an uptrend channel, watch 57'500 ahead of 57'025 as first significant support levels.
M15 : Breakout attempt of the ongoing uptrend channel failed which triggered a bearish engulfing pattern, beeing in progress
to be confirmed by a second long black candle ! (wait for M15 closing for validation or invalidation)
M5 : Still above the clouds in an uptrend channel with its base support line being currently under attack. Watch M5 closing for validation or invalidation.
CONCLUSION : Looks like this recent upside corrective move is over and as mentioned watch carefully price action in the very short term time frames to get
clues and catch earlier signal (s) of trend reversal, either on the downside or on the upside and this depending on which time frame you are looking for !!
Have a nice trading day and have fun.
All the best and take care
Ironman8848
the week @ 52'924
W1 : Roughly in the middle of an ongoing uptrend channel.
Watch potential breakout on one or on the other side.
On the downside major support to look at on W1 basis is @ 49'100
which is also, currently by the way the bottom of the clouds support area.
D1 : WATCH THE CLOUDS, WHICH AGAIN AS YOU CAN SEE WORKED PERFECTLS WELL
AS VERY GOOD SUPPORT AND RESISTANCE INDICATORS !
On the upside first resistance is @ 58'296 (see H4) ahead of the former double top
area @ 59603, which is also the top of the clouds.
On the downside, first support is @ 56'265 ahead of 55'482
H4 : Nice recovery seen recently, the 61.8 % Fib ret @ 57'271 has been filled with a high
so far @ 58'021.
Watch 57'245 as the first significant support level as a failure to stay and hold above it would
be the first warning of a trend reversal in this time frame, calling for a move towards the clouds
support zone 56'500-55'500
H1 : Above the clouds in a sideways channel price action. Former support uptrend line currently under attack !
M30 : Above the clouds, in an uptrend channel, watch 57'500 ahead of 57'025 as first significant support levels.
M15 : Breakout attempt of the ongoing uptrend channel failed which triggered a bearish engulfing pattern, beeing in progress
to be confirmed by a second long black candle ! (wait for M15 closing for validation or invalidation)
M5 : Still above the clouds in an uptrend channel with its base support line being currently under attack. Watch M5 closing for validation or invalidation.
CONCLUSION : Looks like this recent upside corrective move is over and as mentioned watch carefully price action in the very short term time frames to get
clues and catch earlier signal (s) of trend reversal, either on the downside or on the upside and this depending on which time frame you are looking for !!
Have a nice trading day and have fun.
All the best and take care
Ironman8848
