1. The prices respected the limits set in yesterday's post but as usual I must update them according to today's fluctuation.
2. After completing one medium wave on Eliot pattern including correction ( ABC ), prices should retrace again upwards to perform a new peak between $98.7x and $103.8x but it must first penetrate the downtrend line (dashed blue) and the EMA20. Bulls now trying to break both lines to leave the main support (green) zone.
3. On the way to the resistant (red) zone to allocate the price between the said limits, the prices will face an initial resistant due EMA50 which may cause the prices to fluctuate around $100. xx level.
4. Failing to resist the downtrend line and EMA20 will push the price to 50% and 61.8% levels at $84.1x and $79.9x respectively which can be considered as good supporting lines.
2. After completing one medium wave on Eliot pattern including correction ( ABC ), prices should retrace again upwards to perform a new peak between $98.7x and $103.8x but it must first penetrate the downtrend line (dashed blue) and the EMA20. Bulls now trying to break both lines to leave the main support (green) zone.
3. On the way to the resistant (red) zone to allocate the price between the said limits, the prices will face an initial resistant due EMA50 which may cause the prices to fluctuate around $100. xx level.
4. Failing to resist the downtrend line and EMA20 will push the price to 50% and 61.8% levels at $84.1x and $79.9x respectively which can be considered as good supporting lines.
Comment:
Based on LinReg pattern, prices are moving around the median of the channel in the upper limit side which indicates the tendency of increase in the next periods. This pattern is a good indicator for long-term traders.
