Same as last time, only weekly TF...
We are currently sitting right near (just below) the 0.618 Fib from the last run up from 3121 to 13998. I do expect that it will break down temporarily fairly soon before moving back upwards, however i do not believe that we will make a lower low (<6400). Instead I believe we will move more sideways until approx last week of Feb when 20ma & 100ma Weekly cross, which will provide support for a move up.
After this time i expect that the market price will bounce off Monthly & Weekly Orderblocks, Moving Averages, and Ichimoku Clouds and come to a resting point on/around the 0.382 Fib on 16/05/2020.
Moving Averages:
Weekly - Above 200MA, riding 100MA currently, below 50MA (just had a golden cross at start of Dec 2019) and below 20MA. There may be some localised high's, but it should not break through top of order block at 7715.
Daily - Below 200, 100 & 50MA's, riding on top of the 20MA currently but has been squeezed between the 20 & 50MA. 20MA has slowed the move down, but wont hold it for long before the 50 overpowers it downwards towards the bottom of the current Monthly OB at 6400.
Ichimoku Cloud:
Weekly - we are well under the cloud, however that has only recently spiked and we went through a narrow wall. I believe that it will touch potentially twice before breaking into the cloud and through.
3-Day - i believe we will get one touch rejection before it breaks into the cloud and up throuth the top.
1-Day - we have just had one touch and rejected, the next will pass through edge to edge before hitting the monthky OB/Weekly Ichi cloud bottom.
RSI:
On the weekly it is clear to see that RSI is in a downtrend, and will be at the 30 value on/around the same time as the cross of 20 & 100 Moving Average cross on weekly.
Stoch RSI:
Daily: Does not look to oppose anything in the above projection. Next days will be downwards momentum, followed by a slow rise until the start of Feb, before coming back down again to bounce on the MA cross on/around 17th Feb where it will move up again.
Price at 16/05/2020 will be $9888.88
We are currently sitting right near (just below) the 0.618 Fib from the last run up from 3121 to 13998. I do expect that it will break down temporarily fairly soon before moving back upwards, however i do not believe that we will make a lower low (<6400). Instead I believe we will move more sideways until approx last week of Feb when 20ma & 100ma Weekly cross, which will provide support for a move up.
After this time i expect that the market price will bounce off Monthly & Weekly Orderblocks, Moving Averages, and Ichimoku Clouds and come to a resting point on/around the 0.382 Fib on 16/05/2020.
Moving Averages:
Weekly - Above 200MA, riding 100MA currently, below 50MA (just had a golden cross at start of Dec 2019) and below 20MA. There may be some localised high's, but it should not break through top of order block at 7715.
Daily - Below 200, 100 & 50MA's, riding on top of the 20MA currently but has been squeezed between the 20 & 50MA. 20MA has slowed the move down, but wont hold it for long before the 50 overpowers it downwards towards the bottom of the current Monthly OB at 6400.
Ichimoku Cloud:
Weekly - we are well under the cloud, however that has only recently spiked and we went through a narrow wall. I believe that it will touch potentially twice before breaking into the cloud and through.
3-Day - i believe we will get one touch rejection before it breaks into the cloud and up throuth the top.
1-Day - we have just had one touch and rejected, the next will pass through edge to edge before hitting the monthky OB/Weekly Ichi cloud bottom.
RSI:
On the weekly it is clear to see that RSI is in a downtrend, and will be at the 30 value on/around the same time as the cross of 20 & 100 Moving Average cross on weekly.
Stoch RSI:
Daily: Does not look to oppose anything in the above projection. Next days will be downwards momentum, followed by a slow rise until the start of Feb, before coming back down again to bounce on the MA cross on/around 17th Feb where it will move up again.
Price at 16/05/2020 will be $9888.88