The price was rally to 1917.58 and that area @ 1917.58 serve as a strong resistant.
There are two possibilities:- 1) If the candle would be able to break through this level, it will be a good uptrend. The breakout will be a strong bullish candle; otherwise [Buy] 2) It will hit that level and fall to area @1740 to form a wave Z. [Sell]
The above analysis is via trend analysis and elliot wave count.
Suppose if it took a few days to go above 1900, u think the sloping resistance from X would resist, or it has to be 1916 the horizontal line?
Dillon_c
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@ysl2019, I claimed that area to be strong as there are three resistant line (the downward trend line of correction WXY, the small upward trend line of the current uptrend & the green horizontal resistant line since COVID. According to Elliot wave, it will break through the all these aforesaid resistant to reach around 2000. However, please bare in mind, elliot wave will have a triple correction (denoted WXYXZ) in which currently it only come across double correct (labeled WXY above). So if this resistant level holds, it has high probability that it will drop till near 1740 before heading towards 2000 again.
So on my opinion, this level is critical to decide a continuous buy or a temporary sell position. It the candles break through the green resistant line, it can be a good buy to 2000. Otherwise, you can sell till 1740.
Resistant or support not necessary will be the exact line, but it can be an area. Which the area here is somewhere 1910 to 1922.
And that's why i shouted out wait and see for further indication.
Please bare in mind above is for education purposes only and all trade is at your own risk.