Of late, we produced a high-probability target defined at 1020, attributing this as a major potential resistance. However, we are upgrading our optimism by defining a TG-High target at 1137.02.
That target was already posted sometimes last week, but at the time, we decided to concentrate of the nature of the decline and looking at potential upside reaction.
One small hurdle right now is the 848.71 level, which is a small internal structure. However, this tiny bone will likely flesh out a loftier forecast, setting our sight on that 1137.02.
First things first: Move beying 848.71, THEN, overcome 1020.00, then and only then, contemplate a potential reversal of significant Fib repercussion from that 1137.02 level.
OVERALL: Outlook is NEUTRAL. If next 4-hour candle closes higher, then our outlook will convert to "LONG" and our BULLISH market reversal confirmation will be complete.
Cheers,
David Alcindor | 4xQuad.com
Comments
4xForecaster
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Hello @whatsnextyo - I meant just as written: 848.71 was the conditional price level for our directional bias conversion.
Ever since I wrote about that price acting as a small potential hurdle, it stood its ground and did not allow price to move above it. At this point, there is no change, until price proves capable to carve out higher highs.
David Alcindor | 4xQuad.com
whatsnextyo
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you mean if the 4h candle closes above 995 then you'll change to bull?
Ever since I wrote about that price acting as a small potential hurdle, it stood its ground and did not allow price to move above it. At this point, there is no change, until price proves capable to carve out higher highs.
David Alcindor | 4xQuad.com