Yesterday, I anticipated that the previous low would be too tempting to test so it would break the bearish resistance, though just momentarily. That resistance proved itself to be stronger than I thought and price bounced from that precise point.
However it wasn't a proper bounce, didn't go too high and since then we're consolidating within that range.
I think the next move will be to go for a lower low (lower than 1650)
But we'll bounce hard from that point for three reasons:
1- That's where the bearish trend line is, it proved itself to be a solid support.
2- Previous low (1650) provides a horizontal support and acts as a psychological barrier, so bulls might fight hard there.
3- We still didn't have a big nice correction for days. it might be time. That correction won't get past the hard resistance though, so 1850 would be a good re-short entry.
As to what happens then...
Well I don't see any support till 0.01 really. but too early do delve into that for now.
However it wasn't a proper bounce, didn't go too high and since then we're consolidating within that range.
I think the next move will be to go for a lower low (lower than 1650)
But we'll bounce hard from that point for three reasons:
1- That's where the bearish trend line is, it proved itself to be a solid support.
2- Previous low (1650) provides a horizontal support and acts as a psychological barrier, so bulls might fight hard there.
3- We still didn't have a big nice correction for days. it might be time. That correction won't get past the hard resistance though, so 1850 would be a good re-short entry.
As to what happens then...
Well I don't see any support till 0.01 really. but too early do delve into that for now.
Comment:
totally skipped the first leg :) but played out nonetheless
