Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has broken neckline low of 161.727 and could be due for a short term retracement given consecutive days in the red. A close below 155 - 160 on the daily would be ideal to change the overall macro trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price has since continued down reaching low of 160.367 however no break and close below 160 for now.
Price appears to be creating a descending broadening wedge which is a reversal pattern, it may play out to the target as a retracement or it could be the start of a bullish trend.
Trading Plan:
For now I will be looking to enter long position and as always will be looking out for a short scalping opportunity.
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has broken neckline low of 161.727 and could be due for a short term retracement given consecutive days in the red. A close below 155 - 160 on the daily would be ideal to change the overall macro trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price has since continued down reaching low of 160.367 however no break and close below 160 for now.
Price appears to be creating a descending broadening wedge which is a reversal pattern, it may play out to the target as a retracement or it could be the start of a bullish trend.
Trading Plan:
For now I will be looking to enter long position and as always will be looking out for a short scalping opportunity.