W1 : Last week price action confirmed the bearish engulfing pattern triggered a week before. As you can see on this chart and as already told in shorter time frames, we switched from a bull trend (in green) to a BEAR one (in red) ! Ongoing price action is showing a potential recovery in progress.. but this should be confirmed on a weekly closing. Therefore, over the next daily sessions, I strongly suggest to monitor very closely price action on D1 and shorter time frames to get intermediate signal (s) which will allow you to act accordingly. CONCLUSION : On a weekly basis and in order to neutralise the ongoing downside risk, we need to see a weekly closing at least above the middle body (52700) of the last long black candle; such kind of price action would trigger a piercing line pattern, first signal of a potential trend reversal.
A failure to do it would confirm the downtrend still in place. Have a nice week All the best May your long goes up and your short goes down Ironman8848