If we zoom out to the 1D chart, you can see we have just been rejected from the descending triangle resistance (red) once again, if we break the 0.618 fib support we are headed back to the longterm wedge support at 6400 (yellow), next support is double bottom at 5900 (green), then 5400 historic support (purple) and worst case the bottom of the descending triangle at 4200 (red)
Comment:
We have broken the descending triangle (red) resistance, now only the long term wedge resistance left. Still quite bearish with volume very low. I believe we need to hit the double bottom at 6k before we will get the volume needed to breakout of this down trend.
Comment:
We have broken out of the long term wedge and are attempting to consolidate above the resistance turned support line. Resistance levels are 8200-8400, 9100-9300, 9500-9700, 11100-11200 and 11600-11800.