last week recap - on the 15m chart price made a bearish flag pattern and also a double top chart pattern that was formed near resistance area. After
price formed a double top it was also breaking out the flag pattern. This was all happening near 13120 area, so when price dropped at 12775 area / support area. Friday price went into a bullish direction after failing to break support. Using fibs price retraced at 38.2% level and take profit was at 127% fib extension level.
This week based off my own analysis I see price returning back into the overall bearish direction. Reasons why is because when you look at the 1hr chart there's still the bearish flag pattern that was made. Where price went bullish it was just a retrace to 61.8 fib level, which is also right at 127 fib ext level that got hit on the 15m chart.
Using fib extension off the 1hr chart the first tp that will get hit is at 100% area - price is 12750 area.
If you agree with my analysis please like or comment your input.
My analysis is just for me to look at my growth process as a trader. Im not sharing to have anyone take this trade for this week. Mark up your charts and trust your analysis. Hope you have a profitable week.
price formed a double top it was also breaking out the flag pattern. This was all happening near 13120 area, so when price dropped at 12775 area / support area. Friday price went into a bullish direction after failing to break support. Using fibs price retraced at 38.2% level and take profit was at 127% fib extension level.
This week based off my own analysis I see price returning back into the overall bearish direction. Reasons why is because when you look at the 1hr chart there's still the bearish flag pattern that was made. Where price went bullish it was just a retrace to 61.8 fib level, which is also right at 127 fib ext level that got hit on the 15m chart.
Using fib extension off the 1hr chart the first tp that will get hit is at 100% area - price is 12750 area.
If you agree with my analysis please like or comment your input.
My analysis is just for me to look at my growth process as a trader. Im not sharing to have anyone take this trade for this week. Mark up your charts and trust your analysis. Hope you have a profitable week.