1. Prices are respecting the analysis posted three days ago but the chart should be updated in accordance as target and pricing levels have been changed.
2. Prices kept fluctuating inside the supporting (green) zone at the testing zone between $101.7x and $100.4x.
3. The downtrend line (dashed blue) positioning also have been changed from being supporting level to resistant level where candles must penetrate after exiting the testing zone.
4. Breaking the testing zone below $100.4x means the prices will take the journey to the 50% level @ $97.4x. Traders can consider this level as stop loss level and as an initial downward target. Missing the 50% level, which might be possible, will give traders another chance to have another strong support from 61.8% level @ $94.4x where prices will retrace upwards from this level.
5. Breaking the testing zone above $101.7x will be faced with a great suffer by traders to push up the price to exist the bearish zone. This needs a strong buying power of purchasing volume where the prices must first penetrate minor trend line (dashed blue) and EMA10 curve which are acting as resistant levels at this area.
6. Executing point#5 means that bulls will continue their journey very smooth to exit the supporting (green) zone in the direction of the resistant (red) zone where they will find bears waiting at the EMA50 to resist the pricing increase. Here bulls must show reinforcement and hanging to win the battle and go through to hit the first uptrend target @ $110.2x.
7. Below is my expectation using a combination of double top and Elliot patterns. The peaks (1 & 3) formed by double top pattern (yellow ZigZag) were resisted by the 0% level (dashed white) on Fib pattern. In case of taking a copy (orange ZigZag) of the same double top form to complete one wave then you can form an Elliot pattern where the valley's (2 & 4) hit around the supporting (green) zone and peak (5) resisted by the resistant (red) zone. Based on this expected formation, prices will keep fluctuating inside the testing zone and will break upwards to form a new uptrend wave in the resistant (red) zone direction.
8. My expectation that prices will position between $104.4x and $106.3x and will not go down below $100.xx limit.
Tools used in analysis are FB pattern, BB indicator, MA Ribbon, Double Top Pattern, and ZigZag ++ indicator.
2. Prices kept fluctuating inside the supporting (green) zone at the testing zone between $101.7x and $100.4x.
3. The downtrend line (dashed blue) positioning also have been changed from being supporting level to resistant level where candles must penetrate after exiting the testing zone.
4. Breaking the testing zone below $100.4x means the prices will take the journey to the 50% level @ $97.4x. Traders can consider this level as stop loss level and as an initial downward target. Missing the 50% level, which might be possible, will give traders another chance to have another strong support from 61.8% level @ $94.4x where prices will retrace upwards from this level.
5. Breaking the testing zone above $101.7x will be faced with a great suffer by traders to push up the price to exist the bearish zone. This needs a strong buying power of purchasing volume where the prices must first penetrate minor trend line (dashed blue) and EMA10 curve which are acting as resistant levels at this area.
6. Executing point#5 means that bulls will continue their journey very smooth to exit the supporting (green) zone in the direction of the resistant (red) zone where they will find bears waiting at the EMA50 to resist the pricing increase. Here bulls must show reinforcement and hanging to win the battle and go through to hit the first uptrend target @ $110.2x.
7. Below is my expectation using a combination of double top and Elliot patterns. The peaks (1 & 3) formed by double top pattern (yellow ZigZag) were resisted by the 0% level (dashed white) on Fib pattern. In case of taking a copy (orange ZigZag) of the same double top form to complete one wave then you can form an Elliot pattern where the valley's (2 & 4) hit around the supporting (green) zone and peak (5) resisted by the resistant (red) zone. Based on this expected formation, prices will keep fluctuating inside the testing zone and will break upwards to form a new uptrend wave in the resistant (red) zone direction.
8. My expectation that prices will position between $104.4x and $106.3x and will not go down below $100.xx limit.
Tools used in analysis are FB pattern, BB indicator, MA Ribbon, Double Top Pattern, and ZigZag ++ indicator.
Comment:
My idea
