Current trend is up-down-up so the next swing direction is down. Swing traders look for swing short with down continuation since Feb. Overhead shadows 1 2 and 3. Look below for explanation on shadow.
Analysis for day traders Day traders look for long continuation in line with current white week candle.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart. 2. These lines leave a shadow. 3. Shadows are not evenly dispersed but tend to be clustered. 4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance. 5. Look for dark shadow to offer next turning point. 6. Price will move quickly through empty spaces or bright areas.