M1 : In an ongoing bearish downtrend channel.
Watch clouds resistance (31.20) & 23.6 % Fib ret(31.90) as pivot levels
on this long term time frame
W1 : Below the clouds and currently attempting to recover above
the Mid Bollinger Band with TS, slightly above it
A weekly closing level above those 2 levels, above mentioned, would be a first warning confirmation
of the trend reversal in progress.
D1 : Failure a couple days ago to confirm the clouds upside breakout triggered a
selling pressure which pushed down the VIX towards, both the bottom zone of the clouds
support and the Mid Bollinger Band which for the time being rejected the breakout attempt.
Watch the clouds as a good leading indicator.
H4 : Above the clouds which rejected twice a downside breakout attempt (potential double bottom,
trigger level @ 21.60. Target : 24.50, which would be above the cluster of MBB and KS and which would
open the door for higher level towards the former high @ 28.90 (intermediate targets @ 25.00 (61.8% fib ret ahead
of 26.70)
H1 : Entering within the clouds resistance area. Currently in a sideways channel . Watch breakout on one or on the other side.
M30 : Above the clouds
M15 : In a uptrend price action, above the clouds
M5 : Former clouds breakout, triggered a natural pullback towards the clouds which hold and triggered an ongoing upside move
CONCLUSION :
A SUSTAINABLE RECOVERY ABOVE THE 25.00 AREA ON A DAILY BASIS WOULD BE SEEN AS A VERY POSITIVE SIGNAL FOR FURTHER UPSIDE
AND ON THE DOWNSIDE A FAILURE TO STAY AND HOLD SUSTAINABLY ABOVE THE MID BOLLINGER BAND (@ 19.20) WOULD BE SEEN AS A
NEGATIVE SIGNAL CALLING FOR LOWER LEVELS
Watch clouds resistance (31.20) & 23.6 % Fib ret(31.90) as pivot levels
on this long term time frame
W1 : Below the clouds and currently attempting to recover above
the Mid Bollinger Band with TS, slightly above it
A weekly closing level above those 2 levels, above mentioned, would be a first warning confirmation
of the trend reversal in progress.
D1 : Failure a couple days ago to confirm the clouds upside breakout triggered a
selling pressure which pushed down the VIX towards, both the bottom zone of the clouds
support and the Mid Bollinger Band which for the time being rejected the breakout attempt.
Watch the clouds as a good leading indicator.
H4 : Above the clouds which rejected twice a downside breakout attempt (potential double bottom,
trigger level @ 21.60. Target : 24.50, which would be above the cluster of MBB and KS and which would
open the door for higher level towards the former high @ 28.90 (intermediate targets @ 25.00 (61.8% fib ret ahead
of 26.70)
H1 : Entering within the clouds resistance area. Currently in a sideways channel . Watch breakout on one or on the other side.
M30 : Above the clouds
M15 : In a uptrend price action, above the clouds
M5 : Former clouds breakout, triggered a natural pullback towards the clouds which hold and triggered an ongoing upside move
CONCLUSION :
A SUSTAINABLE RECOVERY ABOVE THE 25.00 AREA ON A DAILY BASIS WOULD BE SEEN AS A VERY POSITIVE SIGNAL FOR FURTHER UPSIDE
AND ON THE DOWNSIDE A FAILURE TO STAY AND HOLD SUSTAINABLY ABOVE THE MID BOLLINGER BAND (@ 19.20) WOULD BE SEEN AS A
NEGATIVE SIGNAL CALLING FOR LOWER LEVELS
