At the moment we are inside two different patterns.
1. Falling channel
2. Descending triangle
Actions inside Falling Channel
1. Three smallest rising channels with break downside
Actions inside Descending Triangle
1. Elliot Waves A-B-C-D-E
Both patterns are showing retest of 8800 - 8900 area.
The Falling channel creates a new smallest rising channel ready to break down.
The descending triangle is ready to start wave (E) downside too.
Both patterns are giving approximately the same target.
Assuming that :
1. Volatility is low
2. Volume is low
3. Luck of interest to buy at the current area
4. A small bear flag inside small rising channel
5. Bearish divergence on 4 hour time frame paired with RSI - MACD - VOLUME
I expect a downside movement and a retest of 8800-8900 area.
In my opinion, this retest it will shows and the real direction of market for Q3 2020.
Good Luck to all
1. Falling channel
2. Descending triangle
Actions inside Falling Channel
1. Three smallest rising channels with break downside
Actions inside Descending Triangle
1. Elliot Waves A-B-C-D-E
Both patterns are showing retest of 8800 - 8900 area.
The Falling channel creates a new smallest rising channel ready to break down.
The descending triangle is ready to start wave (E) downside too.
Both patterns are giving approximately the same target.
Assuming that :
1. Volatility is low
2. Volume is low
3. Luck of interest to buy at the current area
4. A small bear flag inside small rising channel
5. Bearish divergence on 4 hour time frame paired with RSI - MACD - VOLUME
I expect a downside movement and a retest of 8800-8900 area.
In my opinion, this retest it will shows and the real direction of market for Q3 2020.
Good Luck to all