Mr Price had an intermediate low on the pink arrow then made a higher low on the green arrow denoting the first daily cycle out of intermediate low. A bullish cycle would have been supported by price not going lower than the green arrow. What is the expectation:
1. Price remains bearish restricted by the green trendline
2. A rejection on that green line with a swing high confirmation allows opening of short position
3. The trendline below recent price is support but given downward force, can be expected to give in, in that case we can look at the dotted black line to offer support forming a broadening wedge
4. In the short-term we can expect price to reach a low end of October, for traders wanting to ride the move a 7% gain long before turning short at the green trendline
1. Price remains bearish restricted by the green trendline
2. A rejection on that green line with a swing high confirmation allows opening of short position
3. The trendline below recent price is support but given downward force, can be expected to give in, in that case we can look at the dotted black line to offer support forming a broadening wedge
4. In the short-term we can expect price to reach a low end of October, for traders wanting to ride the move a 7% gain long before turning short at the green trendline
Comment:
MRP has played well especially going long end of October and short at the green trendline. If price reaches the pink trendline, a weak bounce can be expected before turning downwards again.
Comment:
We have had a weak bounce, now price at support, we are watching to see if it will close below the support line.
Trade closed: target reached
