Downtrend Resistance level was broken in mid September turning it to a Support level which was tested yesterday and it seems to be holding.
Major horizontal support level that has been holding since May was broken in August turning it to a resistance level that was then broken in September turning it back to a support level. The level was again broken yesterday turning it to a resistance level which seems to be holding (according to the 1hr chart).
We are in between two levels which may lead to 2 scenarios.
Scenario 1. If the horizontal resistance level is broken, the inverse head & shoulders pattern will be confirmed giving an indication to go long.
Scenario 2. If the horizontal resistance level holds as it seems to be doing, the downtrend support level will be broken forming a new lower low giving an indication to go short.
Major horizontal support level that has been holding since May was broken in August turning it to a resistance level that was then broken in September turning it back to a support level. The level was again broken yesterday turning it to a resistance level which seems to be holding (according to the 1hr chart).
We are in between two levels which may lead to 2 scenarios.
Scenario 1. If the horizontal resistance level is broken, the inverse head & shoulders pattern will be confirmed giving an indication to go long.
Scenario 2. If the horizontal resistance level holds as it seems to be doing, the downtrend support level will be broken forming a new lower low giving an indication to go short.