BULL SCENARIO:
In the first Bull scenario the market needs to break above the LOI (LINE OF INTEREST) at 3853.8 there after it needs to find rejection at price level 3867.4 and retest price level 3853.8 before breaking out of price level 3867.4.Once price level 3867.4 becomes support after the breakout of resistance it will retest that price level after it finds rejection at the 127.20 fib level which is at 3880.3 and goes back to retest price level 3867.4 before breaking above price level 3880.3 to proceed higher to the 161.80 fib level at 3896.2.
BEAR/BULL SCENARIO:
In the second scenario the market moves lower to touch the trend line, I`ve located an area of support between 3795.4 and 3785.4 once the market reaches this area buyers can step in to push the market up just as it did for a couple of days but be cautious if the market starts closing h1 candles below the price level 3785.4.
BEAR SCENARIO:
In the bear scenario the market moves towards the trend line and gets rejected before the breakout so it retests price level 3809.3 which is also the 50.00 fib level and gets rejected at this level followed by the breakout of price level 3785.4 then proceeds to price level 3718.4 which is the 127.20 fib level.
In the first Bull scenario the market needs to break above the LOI (LINE OF INTEREST) at 3853.8 there after it needs to find rejection at price level 3867.4 and retest price level 3853.8 before breaking out of price level 3867.4.Once price level 3867.4 becomes support after the breakout of resistance it will retest that price level after it finds rejection at the 127.20 fib level which is at 3880.3 and goes back to retest price level 3867.4 before breaking above price level 3880.3 to proceed higher to the 161.80 fib level at 3896.2.
BEAR/BULL SCENARIO:
In the second scenario the market moves lower to touch the trend line, I`ve located an area of support between 3795.4 and 3785.4 once the market reaches this area buyers can step in to push the market up just as it did for a couple of days but be cautious if the market starts closing h1 candles below the price level 3785.4.
BEAR SCENARIO:
In the bear scenario the market moves towards the trend line and gets rejected before the breakout so it retests price level 3809.3 which is also the 50.00 fib level and gets rejected at this level followed by the breakout of price level 3785.4 then proceeds to price level 3718.4 which is the 127.20 fib level.