Road Map, A journey of exploration.
The bulls must be tired, after last weeks run through resistance zones.
My thoughts are that they may need to explore lower, to reinforce/turn the resistance into support areas.
They are likely to start their journey by seeing if they can take out any short stops, and test a naked day zone, 4477.75/4473.25.
If they can't pick up any momentum they will probably explore lower to the large day zone at 4458.00/4441.50, that's were they rested on the Friday close, that should act as a small springboard higher to test naked day zone above.
I fall fails there last resort is to explore lower to a major week zone at 4419.50/4408.00.
I have drawn (arrows) showing what I would like to see happen, it could happen Monday or take a day or so, so am will be re-assessing hourly on price action. But as always trade your plan, and take from this what will help you.
My thoughts are that they may need to explore lower, to reinforce/turn the resistance into support areas.
They are likely to start their journey by seeing if they can take out any short stops, and test a naked day zone, 4477.75/4473.25.
If they can't pick up any momentum they will probably explore lower to the large day zone at 4458.00/4441.50, that's were they rested on the Friday close, that should act as a small springboard higher to test naked day zone above.
I fall fails there last resort is to explore lower to a major week zone at 4419.50/4408.00.
I have drawn (arrows) showing what I would like to see happen, it could happen Monday or take a day or so, so am will be re-assessing hourly on price action. But as always trade your plan, and take from this what will help you.
Comment:
If you look at a 2hr chart with the wedge, it may all make sense to you.
Trade closed: target reached:
Market went slightly round the scenic route, but the final destination was the week zone and that was hit.