We have reached 4116 - .236 fibo retracement of the wave from 5th March to 10th May. I expect bounce to 4180 area to test the averages. 4116 together with 200 SMA on 4h plays out as strong supports now. We have also tested 34 D but bounce was not strong enough. Daily cash closed below 21 D EMA and generates sell signal. Sell signal also on 4h. 1h chart is in upper line of the channel down. Yesterday 144 SMA on 4h was highly break so I assume the probability here is to test 4050 area now with possible more down move to .236 fibo 4004 of wave from 23rd March 2020 to 10th May 2021.
Comment:
just a correction, 4004 is .236 fibo from October 2020 to May 2021, .236 fibo from March 2020 to May 2021 is 3761 but let´s see how this plays now around 21D and 34D. I still think we can test 4050 area shortly and we will see more then...before that...this could still be just back to the mean
Comment:
the fact that we have tested 4116 so many times does not convice me that is support to hold