Taking a look at the current downtrend we see clear signals everywhere in the chart.
First of all our nice trend line still hold strong and all support got smashed for now. In addition we can see exactly the same trend line in the MACD. With that being said we can be sure about the next movements.
But where is it the end of that downtrend? Well, considering our drawn Fib Speed Resistance Fan, we see another support at around 7700. A Fib Retracement with extension from the last pushing uptrend confirms us this line of support. And the end? It will be most likely at a high support level right below 7000.
Long-term we should be moving in a triangle ending somewhere around 7400 with a strong opportunty to break out on to the upside. I highly doubt another break down below the support (here: think green) but we will need to wait it out. For now I recommend a sell order and re-buy later, earliest at 7000.
Thanks for reading and happy trading!
First of all our nice trend line still hold strong and all support got smashed for now. In addition we can see exactly the same trend line in the MACD. With that being said we can be sure about the next movements.
But where is it the end of that downtrend? Well, considering our drawn Fib Speed Resistance Fan, we see another support at around 7700. A Fib Retracement with extension from the last pushing uptrend confirms us this line of support. And the end? It will be most likely at a high support level right below 7000.
Long-term we should be moving in a triangle ending somewhere around 7400 with a strong opportunty to break out on to the upside. I highly doubt another break down below the support (here: think green) but we will need to wait it out. For now I recommend a sell order and re-buy later, earliest at 7000.
Thanks for reading and happy trading!
