This evening we are looking at the H4 time frame which is showing a rising wedge formation in progress.
Current price action is attempting to pullback towards the downside breakout of this rising wedge formation.
Therefore, watch carefully at the next H4 closing which will give more indication about the validation or invalidation
of the rising wedge trigger level. A failure to reenter in this rising wedge pattern would open the door for lower level
towards the 33'380 area which coincides roughly with 2 important new support levels, which are :
1) former downtrend resistance line , currently @ 33450 which became a new support level
2) Mid Bollinger Band (MBB), currently @ 33'407
and below the most important support level in this time frame @ 33'144 (KS)
CONCLUSION :
No change in my expected bearish scenario !
The recovery went higher than initially expected but as already mentioned, the clouds resistance zone in the daily time frame
will be a very difficult area to break
Have a nice end of the weekend and a wonderful upcoming trading week.
All the best and take care
Ironman8848
Current price action is attempting to pullback towards the downside breakout of this rising wedge formation.
Therefore, watch carefully at the next H4 closing which will give more indication about the validation or invalidation
of the rising wedge trigger level. A failure to reenter in this rising wedge pattern would open the door for lower level
towards the 33'380 area which coincides roughly with 2 important new support levels, which are :
1) former downtrend resistance line , currently @ 33450 which became a new support level
2) Mid Bollinger Band (MBB), currently @ 33'407
and below the most important support level in this time frame @ 33'144 (KS)
CONCLUSION :
No change in my expected bearish scenario !
The recovery went higher than initially expected but as already mentioned, the clouds resistance zone in the daily time frame
will be a very difficult area to break
Have a nice end of the weekend and a wonderful upcoming trading week.
All the best and take care
Ironman8848
