Going to retest resistance? Another dump expected
As we predicted earlier, the bearish scenario is ongoing, still shaping the potential triple zigzag.
Another dump is very likely when the rebound from Gann Fan, helped by the harmonic black swan, ends up in a pullback to retest the resistance.
Factors to watch (for the short term):
- Trendline (from circled "X") around 20500-20600
- Gann Fans 4/1 and 8/1 (to support around 18500?)
- 25EMA on 4H Timeframe
- June 19 low (17600)
- Red channel midline
Another dump is very likely when the rebound from Gann Fan, helped by the harmonic black swan, ends up in a pullback to retest the resistance.
Factors to watch (for the short term):
- Trendline (from circled "X") around 20500-20600
- Gann Fans 4/1 and 8/1 (to support around 18500?)
- 25EMA on 4H Timeframe
- June 19 low (17600)
- Red channel midline
An automated script of my own making suggests an upper boundary of this rebound (red box) be 20920, close to 0.618 retracements of this decrease.
Because a double bottom reversal pattern may be forming, be prepared for a sudden spike. Theoretically, 21500 or higher price isn't completely excluded. (I'm skeptical of such a bullish scenario, though).
Take care.