Hi All,
Its my opinion based on recent price action that we will be here a lot longer and will do something of the nature like we did under the 20K resistance, a similar fractal.
It makes sense as we have hit a key level of a goldern ratio extension and or doubled basically the previous all time high.
Looking at the 2 Day and 1 Day chart, we can see previously how the 10/20 ema was support and was tested x2 as it moved sideways, as per chart below.
Hence 34400 is a strong support level and it equates to both the 10/20 ema ribbon on the 2 Day chart as well as the 2 day candle support level;
The indicators , phoeix also shows us that there is downward pressure along with the daily.
Just keeping it short.
Cheers,
S.SAri
Daily chart TA: Observer how the Red and Green RSI is heading for below 50% while the grey energy is, indicating downward pressure on the daily.
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2 DAY chart
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current macro resistance
For the x.618 goldern ratio extensions, look at my previous post.
Its my opinion based on recent price action that we will be here a lot longer and will do something of the nature like we did under the 20K resistance, a similar fractal.
It makes sense as we have hit a key level of a goldern ratio extension and or doubled basically the previous all time high.
Looking at the 2 Day and 1 Day chart, we can see previously how the 10/20 ema was support and was tested x2 as it moved sideways, as per chart below.
Hence 34400 is a strong support level and it equates to both the 10/20 ema ribbon on the 2 Day chart as well as the 2 day candle support level;
The indicators , phoeix also shows us that there is downward pressure along with the daily.
Just keeping it short.
Cheers,
S.SAri
Daily chart TA: Observer how the Red and Green RSI is heading for below 50% while the grey energy is, indicating downward pressure on the daily.
=====================================
2 DAY chart
=====================================
==========================================================================
current macro resistance
For the x.618 goldern ratio extensions, look at my previous post.
Comment:
1 hrly, short term
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1 hrly chart update. It looks like this channel is valid as we get a response mid section of it. My guess would be that it pulls back a bit and tries for another attempt to pass it. If the 13/50 ema cross over (1 hrly), its a bullish sign to enter.
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Note how the 13/50 ema did not cross over
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As to the target of the drop, we cannot now this, until we see it in action. It could be a dramatic drop or slow... just have to wait and see. I have downward pressure all the way to the daily chart.
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This could go anywhere...I'm wondering if we have an AB=CD target. Has confluence with the support level\channel as per my original post, daily 20 ema.
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looking at the bottom 4 hrly candle, it looks bullish. Its getting late so the next candle will tell the story.
Trade closed: target reached:
I'm closing this post as it reached my target perfectly. It also shows that lines or support level \ resistance on this chart are correct. How it plays out here is another matter. I believe its creating a big structure for a big breakout, until this impulse is completed, we will then have another clue.
Comment:
just looking at the dimensions in this macro structure and if this plays out, it will be ideal as it points to a macro bullish structure.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
