I am seeing an Inverse Head and Shoulders which should take us up to the trend line above if all goes accordingly.
I expect to see some long wicks as bulls/bears fight at the trend line.
If price breaks above trend line and can hold I see us further bouncing around inside with a target of 5600-5800. We can however push higher but ultimately I feel we will be rejected hard by the very strong 6k resistance levels.
If price fails at the trend line I expect a large move down to around the 4500-4200 support levels where a nice healthy bounce is expected.
I expect to see some long wicks as bulls/bears fight at the trend line.
If price breaks above trend line and can hold I see us further bouncing around inside with a target of 5600-5800. We can however push higher but ultimately I feel we will be rejected hard by the very strong 6k resistance levels.
If price fails at the trend line I expect a large move down to around the 4500-4200 support levels where a nice healthy bounce is expected.
Comment:
Right shoulder is formed and looking to break out of neckline now.
We can see a move to the upside coming very shortly if this plays out!