<As stated previously on this chart: Our bounce executed perfectly. All RSI / MACD up to 4-6 hours have been reset and have turned the wheel. Short term growth is now overbought but the longer term picture up to daily frame looking good. Indicates a choppy but slow growth in value up to potentially a 7900 to 8100 area. We are now flagging at the 74/76 area.
<RESISTANCES: Horizontal resistances at 79 and 7777. We also have the resistance at the .5 fibonacci level which coincidentally will meet the 200EMA (at around that level) around 8100. Short target 7900 to 8100.
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Apologies! The 200EMA I mention will be around the 79-80 area!
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Now analyzing the rally, it seems this bounce is pretty weak. The 200EMA seems to be staying around the 7777 horizontal resistance. The only thing at this stage keeping it up is the daily time frame. All time frames including weekly looking a bit grim. Weekly still has room to go down a bit.