Looking briefly at the ongoing weekly time frame picture we can see a TRIANGLE PATTERN IN PROGRESS and a recent price action attempting to downside breakout the WEEKLY CLOUDS SUPPORT LEVEL (37'516) intraweek low being @ 37'169.
RSI is below 50,@ 41.76
LAGGING LINE is roughly in the middle of the CLOUDS
UPCOMING WEEKLY CLOSING LEVEL WILL BE VERY IMPORTANT AGAIN TO LOOK AT AND WILL VALIDATE OR INVALIDATE ONCE AGAIN THE THIRD ATTEMPTING IN A ROW TO BREAKOUT THE BOTTOM OF THE WEEKLY CLOUDS SUPPORT
DAILY (D1)
Yesterday's price action triggered a DARK CLOUD COVER (BEARISH SIGNAL) with a closing level (39'444), below :
1) the clouds
2) the Tenkan-Sen
3) The Kijun-Sen
AND LAST BUT NOT LEAST BELOW "MY BAROMETER", THE MID BOLLINGER BAND (39'658)
The intraday low so far @ 38'244 also coincides with the ongoing uptrend support line and may be seen as a short term minor support
RSI @ 45.34
LAGGING LINE, below the clouds, the Tenkan-Sen, the Mid Bollinger Band and the Kijun-Sen
Overall, following the failure before yesterday to recover and hold sustainably above 42'524 ( have a look at my yesterday's analysis) and the yesterday's bearish price action, the GLOBAL DAILY PICTURE REMAINS HEAVY SUPPORTED BY THE ONGOING PERSISTING DOWNWARD PRESSURE ON THE WEEKLY TIME FRAME...
4 HOURS (H4)
The 78.6% Fibonacci retracement extension @ 38'329 has been filled.
Currently, below the clouds, Tenkan-Sen, Kijun-Sen and Mid Bollinger Band.
RSI @ 39.89
LAGGING LINE below all the important indicators !
No signal of short term reversal yet, in this H4 time frame
1 HOUR (H1)
Potential short term potential recovery (RSI bullish divergence) with an upside move, for the time being pretty limited towards 39'000-39'500, the latter level being the KIJUN-SEN and also the bottom of the H4 clouds resistance area.
CONCLUSION :
STRATEGIC PICTURE REMAINS GLOBALLY BEARISH and for the time being any recovery should be seen as a CORRECTIVE MOVE ONLY in a BROAD BEAR TREND and therefore, TACTICAL EXPOSURE (countrertrend !) should be managed accordingly in adopting a disciplined RISK REWARD APPROACH in having always in mind : IN WHICH TIME FRAME AM I TRADING, very short term, short term, medium or long term !
This methodology will allow you to put in place a trading plan which will be in perfect adequation with your objectives in terms of time horizon and targets.
On the upside I reiterate what I told yesterday, in that only a sustainable move above 42'524 on a daily closing level would force to a view reassessment of my strategic bearish scenario calling for lower levels, with, of course, due to this high volatility current environment, plenty of TACTICAL TRADING OPPORTUNITY which should, as previously mentioned, managed accordingly in placing trailing stop losses to protect your potential profits.
Do you like my analysis ?
If YES, please, do not forget to like it and for those who do not follow me yet on trading view, please add IRONMAN8848 on your following list and for those who do not have access yet to TRADING VIEW (the best trading application available for the moment) please sign up in clicking on the following link :
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Have a nice trading day and may your long goes up and your short goes down.
All the best and take care.
IRONMAN8848 & Jean-Pierre Burki
RSI is below 50,@ 41.76
LAGGING LINE is roughly in the middle of the CLOUDS
UPCOMING WEEKLY CLOSING LEVEL WILL BE VERY IMPORTANT AGAIN TO LOOK AT AND WILL VALIDATE OR INVALIDATE ONCE AGAIN THE THIRD ATTEMPTING IN A ROW TO BREAKOUT THE BOTTOM OF THE WEEKLY CLOUDS SUPPORT
DAILY (D1)
Yesterday's price action triggered a DARK CLOUD COVER (BEARISH SIGNAL) with a closing level (39'444), below :
1) the clouds
2) the Tenkan-Sen
3) The Kijun-Sen
AND LAST BUT NOT LEAST BELOW "MY BAROMETER", THE MID BOLLINGER BAND (39'658)
The intraday low so far @ 38'244 also coincides with the ongoing uptrend support line and may be seen as a short term minor support
RSI @ 45.34
LAGGING LINE, below the clouds, the Tenkan-Sen, the Mid Bollinger Band and the Kijun-Sen
Overall, following the failure before yesterday to recover and hold sustainably above 42'524 ( have a look at my yesterday's analysis) and the yesterday's bearish price action, the GLOBAL DAILY PICTURE REMAINS HEAVY SUPPORTED BY THE ONGOING PERSISTING DOWNWARD PRESSURE ON THE WEEKLY TIME FRAME...
4 HOURS (H4)
The 78.6% Fibonacci retracement extension @ 38'329 has been filled.
Currently, below the clouds, Tenkan-Sen, Kijun-Sen and Mid Bollinger Band.
RSI @ 39.89
LAGGING LINE below all the important indicators !
No signal of short term reversal yet, in this H4 time frame
1 HOUR (H1)
Potential short term potential recovery (RSI bullish divergence) with an upside move, for the time being pretty limited towards 39'000-39'500, the latter level being the KIJUN-SEN and also the bottom of the H4 clouds resistance area.
CONCLUSION :
STRATEGIC PICTURE REMAINS GLOBALLY BEARISH and for the time being any recovery should be seen as a CORRECTIVE MOVE ONLY in a BROAD BEAR TREND and therefore, TACTICAL EXPOSURE (countrertrend !) should be managed accordingly in adopting a disciplined RISK REWARD APPROACH in having always in mind : IN WHICH TIME FRAME AM I TRADING, very short term, short term, medium or long term !
This methodology will allow you to put in place a trading plan which will be in perfect adequation with your objectives in terms of time horizon and targets.
On the upside I reiterate what I told yesterday, in that only a sustainable move above 42'524 on a daily closing level would force to a view reassessment of my strategic bearish scenario calling for lower levels, with, of course, due to this high volatility current environment, plenty of TACTICAL TRADING OPPORTUNITY which should, as previously mentioned, managed accordingly in placing trailing stop losses to protect your potential profits.
Do you like my analysis ?
If YES, please, do not forget to like it and for those who do not follow me yet on trading view, please add IRONMAN8848 on your following list and for those who do not have access yet to TRADING VIEW (the best trading application available for the moment) please sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice trading day and may your long goes up and your short goes down.
All the best and take care.
IRONMAN8848 & Jean-Pierre Burki
