Daily Timeframe: The shows that before the sellers can reach weekly demand at 1156.70-1194.45, they have to contend with potential buying opposition from around a daily support flip level seen at 1211.67. A break below here would likely attract further selling down to a daily Quasimodo at 1187.13 located just within the aforementioned weekly demand area. However we cannot discount the possibility that buying interest may also come into the market here, in which case, price will likely trade up to daily supply at 1241.95-1235.34, as this remains a fresh area.
4hr Timeframe: The buyers have indeed begun to show some interest around a 4hr support flip level at 1211.12 (essentially the same as the daily flip level, only on this timeframe we were able to tidy it up and line it perfectly with the wicks/tails to the left), and as such, our price action confirmation buy level is now active at 1212.43.
For us to even consider buying this market, we would need to see the buyers break above the 4hr supply area at 1228.46-1223.28. This will give us added confidence the majority of the selling opposition has been cleared. With that being said, a close below this level is definitely not out of the question, since the still shows room to move south down to weekly demand at 1156.70-1194.45. The next key area to watch below is 1194.38, a 4hr Quasimodo . This level, like the daily Quasimodo (1187.13) is located within the aforementioned weekly demand area.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: 1212.43 (Active-awaiting confirmation) (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.