Definitely trading against the trend – is a suicide, and it is pointing down and hardly gives retracements. So talking about buy orders is early, at least we should consider buying orders after the breakout of brown channel..
But if the price does not go above the orange channel (does not return into it), we only shoud consider sell orders. Especially after the breakdown of brown descending channel (bottom line).
Some lines MAY NOT coincide in this graphic, so visit my blog and see the full forecast, also there is a MT4 tamplate for this graphic
Lines and levels of support-resistance located ABOVE the closing price of last week:
1) Dark blue trend line + Orange channel - definitely interesting for how will the day close! But the retest is possible.
2) Azure trendline + fibo: 38.2% or 61.8% or orange channel and dark blue.
3) Brown Channel + brown dotted.
4) Gray Channel + possible 38.2% Fibo of dotted red (if the minimum will not be overwritten).
5) Red long term line + Blue long-term trend line.
6) Blue channel.
Lines and levels of support-resistance located BELOW the closing price of last week:
1) Gray line of the gray channel.
2) Brown Channel + brown dotted.
3) The green line is the long-term triangle.
But if the price does not go above the orange channel (does not return into it), we only shoud consider sell orders. Especially after the breakdown of brown descending channel (bottom line).
Some lines MAY NOT coincide in this graphic, so visit my blog and see the full forecast, also there is a MT4 tamplate for this graphic
Lines and levels of support-resistance located ABOVE the closing price of last week:
1) Dark blue trend line + Orange channel - definitely interesting for how will the day close! But the retest is possible.
2) Azure trendline + fibo: 38.2% or 61.8% or orange channel and dark blue.
3) Brown Channel + brown dotted.
4) Gray Channel + possible 38.2% Fibo of dotted red (if the minimum will not be overwritten).
5) Red long term line + Blue long-term trend line.
6) Blue channel.
Lines and levels of support-resistance located BELOW the closing price of last week:
1) Gray line of the gray channel.
2) Brown Channel + brown dotted.
3) The green line is the long-term triangle.