Line in the Sand
This week I would expect a re-test of some support areas, there is a lot IMO unfinished business lower down.
On a 4 hour chart the RSI is very extended to the upside, So a reset can't be far away, the momentum is also slowing to the upside, we have also crossed below moving averages which may need a test from below, but that is natural, a rejection is what I would expect.
We are still in an up-trend but a small correction would be welcome.
My Line in the sand is 4524/4525.
Note we shall be opening in a weekly zone, the bulls have been persistent and have IMO achieved what they intended on doing, and that is putting in a very strong Support Zone @ 4527.00/4546.00.
The Bears, could with the Bulls blessing, be allowed to re-test last Weeks Zone @ 4482.50/4489.50 which was not tested from above. This was unusual as Bulls like to test major support areas before a continuation.
I shall remain neutral for now until I see how both sides react to 24/25.
On a 4 hour chart the RSI is very extended to the upside, So a reset can't be far away, the momentum is also slowing to the upside, we have also crossed below moving averages which may need a test from below, but that is natural, a rejection is what I would expect.
We are still in an up-trend but a small correction would be welcome.
My Line in the sand is 4524/4525.
Note we shall be opening in a weekly zone, the bulls have been persistent and have IMO achieved what they intended on doing, and that is putting in a very strong Support Zone @ 4527.00/4546.00.
The Bears, could with the Bulls blessing, be allowed to re-test last Weeks Zone @ 4482.50/4489.50 which was not tested from above. This was unusual as Bulls like to test major support areas before a continuation.
I shall remain neutral for now until I see how both sides react to 24/25.