With the rejection of our weekly midrange resistance (27000) on the daily timeframe we monitor the pullback or retracement to an area of support.
We are expecting price to reach (26143) at least but we prefer (26000).
Now if we do reach (26000) and manage to close below it on the monthly timeframe we can start to see the overall long term shift in price action. Then we will start to look for targets at (25000) and (24000).
This is the last week of price action before we end the trading month so keep that in mind when looking at you higher timeframe candlestick
Until then we would need to see a break and retest of our H4 ascending trendline and also support level (26500) to confirm the continuation of the lower timeframe shifting in price action.
If we get the break/retest our target is (26143) and (26000) for either this trading week or next trading month.
We are expecting price to reach (26143) at least but we prefer (26000).
Now if we do reach (26000) and manage to close below it on the monthly timeframe we can start to see the overall long term shift in price action. Then we will start to look for targets at (25000) and (24000).
This is the last week of price action before we end the trading month so keep that in mind when looking at you higher timeframe candlestick
Until then we would need to see a break and retest of our H4 ascending trendline and also support level (26500) to confirm the continuation of the lower timeframe shifting in price action.
If we get the break/retest our target is (26143) and (26000) for either this trading week or next trading month.
