The price is consolidating between 836 level and the lower band of the expanding diagonal.
More likely we will see a downside breakout, with the area between 50.0 and 61.8 Fibonacci retracement level as a target. At the same time, the upper band of the descending channel will be our support line. In this scenario, the price will create the double top formation.
But we need also to consider that the price could bounce off from the lower band of the diagonal soon, retest 836 and then 844 level. If it breaks that levels, it could soar towards the upper band of the diagonal.
More likely we will see a downside breakout, with the area between 50.0 and 61.8 Fibonacci retracement level as a target. At the same time, the upper band of the descending channel will be our support line. In this scenario, the price will create the double top formation.
But we need also to consider that the price could bounce off from the lower band of the diagonal soon, retest 836 and then 844 level. If it breaks that levels, it could soar towards the upper band of the diagonal.
