Sign of Bearish Trend
-Magnitude of Downtrend Line B much stronger than Downtrend Line A
-Magnitude of Downtrend Line C similar to Downtrend B
-Momentum of Retracement line R3 much weaker than of Retracement line R2
-Candlestick challenging MA200
What retracement R3 are we looking for?
-R1 retrace more than 0.786fib of Line A
-R2 retrace more than 0.786fib of Line B
With R3 weak momentum, seems that candlesticks might fail to even reach 0.786 of line C. A double top might be forming near the MA200 line below fib 0.618.
If there is Support Range, it should fall within price range of 620 to 770. But once it is broken....
-Magnitude of Downtrend Line B much stronger than Downtrend Line A
-Magnitude of Downtrend Line C similar to Downtrend B
-Momentum of Retracement line R3 much weaker than of Retracement line R2
-Candlestick challenging MA200
What retracement R3 are we looking for?
-R1 retrace more than 0.786fib of Line A
-R2 retrace more than 0.786fib of Line B
With R3 weak momentum, seems that candlesticks might fail to even reach 0.786 of line C. A double top might be forming near the MA200 line below fib 0.618.
If there is Support Range, it should fall within price range of 620 to 770. But once it is broken....
