Hello Traders,
not much new to add for !
Price has dropped off the rising trend channel (blue) which is a short term one and declined below to important Trendlines. The red one is the base channel and connects the high of August 27 and the low of September 19! during today`s session price drop off the channel and closed some tics below @ 11916.101 So the important level of 12k failed to established on a weekly basis (important from a psychological perspective)!
From a shorter-term there is important to observe, that price has bounced off the longer-term trend line, connect the low from October 2018 and the low from Feb`19! During following price moves, all failed to exceed this trend line. For now, it looks like price will handle it again that way!
And at least, N50 failed to stay above the blue trend line, connects the wave „4“ low of October 25 and off Nov 25.
Short term there is support at the level of ~ 11876. A decline below this implicate a move to 11802 area, a possible wave „a“ or a wave „4“ per an alternate count! More bearish potential exists!
Overall this behavior of the last hours is either a correction of lower degree, that will lead to new highs after it is done, or it is part of a more complex correction that leads to lower prices in the coming days. More often than not, price bounce back to a trend line and „say good-bye“!
Today`s reading of the a/d-ratio (@ 0.72) and TRIN (@ 0.93), both did not indicate that it was all of the correction or a bottom should be in place!
Be patient in the coming hours and days!
Have a great weekend...
ruebenenase
Feel free to ask or comment.
Trading this analyze is at your own risk!
not much new to add for !
Price has dropped off the rising trend channel (blue) which is a short term one and declined below to important Trendlines. The red one is the base channel and connects the high of August 27 and the low of September 19! during today`s session price drop off the channel and closed some tics below @ 11916.101 So the important level of 12k failed to established on a weekly basis (important from a psychological perspective)!
From a shorter-term there is important to observe, that price has bounced off the longer-term trend line, connect the low from October 2018 and the low from Feb`19! During following price moves, all failed to exceed this trend line. For now, it looks like price will handle it again that way!
And at least, N50 failed to stay above the blue trend line, connects the wave „4“ low of October 25 and off Nov 25.
Short term there is support at the level of ~ 11876. A decline below this implicate a move to 11802 area, a possible wave „a“ or a wave „4“ per an alternate count! More bearish potential exists!
Overall this behavior of the last hours is either a correction of lower degree, that will lead to new highs after it is done, or it is part of a more complex correction that leads to lower prices in the coming days. More often than not, price bounce back to a trend line and „say good-bye“!
Today`s reading of the a/d-ratio (@ 0.72) and TRIN (@ 0.93), both did not indicate that it was all of the correction or a bottom should be in place!
Be patient in the coming hours and days!
Have a great weekend...
ruebenenase
Feel free to ask or comment.
Trading this analyze is at your own risk!