Overall Bearish Trend on higher time frame.
Huge previous week drop.
Expecting price to continue to Monthly Double Top Neckline 150.000 area.
1H Bearish Pennant forming.
There was some bullish divergence created as well but think the pattern will play out first before making any moves back up.
Possible pull back around neckline area.
149.850 is a weekly support level using the pivot point indicator. Confluence with part of the Monthly Neckline zone.
If price breaks out pattern downwards expecting 149.900-150.000 to get hit.
Huge previous week drop.
Expecting price to continue to Monthly Double Top Neckline 150.000 area.
1H Bearish Pennant forming.
There was some bullish divergence created as well but think the pattern will play out first before making any moves back up.
Possible pull back around neckline area.
149.850 is a weekly support level using the pivot point indicator. Confluence with part of the Monthly Neckline zone.
If price breaks out pattern downwards expecting 149.900-150.000 to get hit.
Comment:
Pennant didn’t quite play out. But still using bottom trendline for breakout. Also possible triple top formed on 1H. Still believe the drop will happen just a matter of volatility. London/New York.
