On the daily timeframe, there is sideways movement. The bearish vector 7-8 is relevant. On the hourly timeframe, there is sideways movement. The bearish vector 11-12 is relevant.
I believe that we will see a bearish movement. Sales should be looked for in the red zones - seller zones (blue zones - buyer zones).
Targets on the hourly timeframe - 61, 60. Targets on the daily timeframe - 55.2, 49.
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The first target (61) has been reached.
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The price only reached the first target on the hourly chart and showed a strong bullish reaction. The second target on the hourly chart is canceled because it was set at the lower boundary of the sideways movement on the hourly timeframe. The sideways movement is no longer relevant since the price broke above the upper boundary of the range and confirmed this breakout with a second consecutive bullish impulse, forming a new sideways pattern.
On the daily timeframe, the price entered the seller's zone (highlighted in red). At the same time, a buyer's zone (highlighted in blue) formed at the bottom with an upper boundary at 64.655. We are monitoring the seller's reaction to see if they defend the level of 71200 and push the price down to test the buyer's zone. Alternatively, the buyer may push the price even higher.
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We're not seeing the buyer's reaction from the daily buyer zone I mentioned earlier. The targets on the daily timeframe remain the same - 55.2, 49.
On the hourly timeframe, there's a bearish trend.
On the 200-minute timeframe, there's a nice setup of a sideways movement. After absorbing the buyer's bar at the upper border of the sideways movement, it was possible to sell with targets of 60.118 and 55.147.