Novatek. WEEKLY Uptrend, however slight changes in volumes. RSI in overbought zone, but still no lower than 50, which is OK if its uptrend. For me it was a test of psychological barrier of 1200.
Daily RSI lower than 50 Convergnce with chart No proper volumes to confirm trend continuation I exprect falling to Gann Level and Fibo 0.618 (Red Point)
4H Here i analyze by Stochastic due to weakened trend. Again I see divergence on stochastic, which makes lower high.
Now the price works in Elliot Correction waves after fast moving up. Due to breakage of Gann 1/1 i assume price movement from B to C -1050. On C the gann level will be tested and rebounded back to 1/1. The rebound of 1/1 is inescapable because of strong uptrend that we have on W and D. the price will be reinforced by main trend and goes higher.
Maybe price will break Fibo 0.618 and drop on Fibo 0.5, nothing critical , then the uptrend will start from 985
I will open long from C ( 1030) with SL 960 and TP 1190
Trade active
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As I expected, price has touched 1030. Long is open. The test of idea started.