Weekly candle to close red suggesting trend continuation
Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. Every single one of them, if properly plotted, is considered to serve as S & R. Not to mention their crosspoints.
In this chart, I applied it so that only the strong movements (progressive waves in the E.W. Theory) in the trend direction penetrate the arcs and the crosspoints.
So if the weekly candle closes red, the arc resistance is confirmed together with the trendlines, making any upside to mark HH more difficult (implying a continued downtrend).
Let's check this scenario.
Although this is not textbook theory but my empirical analysis, the light-green shaded zones act as resistance zones like the Ichimoku cloud.
Considered in conjunction with the low of 17600, we would see a large or small rebound there.
However, a move beyond 25k, especially over 28k, within one or two weeks is almost unlikely, given the overhead crosspoints and the likely continued macro downtrend.
Gan Fan 1 x1 (thick black) may serve as support. Watch 16500 if 17600 support is lost.
Comment:
I updated my analysis. Enjoy!
As I predicted, and as the Gann Square and arcs indicated, the downtrend DID resume- How are all you trolls doing?
I hope you stay safe, Jack