The somewhat irregular ABCD formed from 2000, still has a nice
completion, showing the parabolic CD leg which resulted in a
2,0 extended D level, finished early 2009. The downward move
after that might be forming a large bearish ABCD (not yet confirmed
since price hasn't taken out the 0,7750 level. Price is now close
to the Horizontal Resistance at 0,7750. If breached, it opens up for
a move towards the LT Trendline and the 61,8 of CD leg at 0,7535.
Before that Yearly S2 might give support. Below that comes
0,72 Horizontal S/R and D level at 0,6750. However, IF the 0,7750
levels holds and rejects price for a new bullish move, it could either
be an inner BC leg forming of larger CD leg or a reversal with a
Double Bottom pattern. that could shift overall sentiment around
medium term.
completion, showing the parabolic CD leg which resulted in a
2,0 extended D level, finished early 2009. The downward move
after that might be forming a large bearish ABCD (not yet confirmed
since price hasn't taken out the 0,7750 level. Price is now close
to the Horizontal Resistance at 0,7750. If breached, it opens up for
a move towards the LT Trendline and the 61,8 of CD leg at 0,7535.
Before that Yearly S2 might give support. Below that comes
0,72 Horizontal S/R and D level at 0,6750. However, IF the 0,7750
levels holds and rejects price for a new bullish move, it could either
be an inner BC leg forming of larger CD leg or a reversal with a
Double Bottom pattern. that could shift overall sentiment around
medium term.