H4 : After three successive failures to breakout the Mid Bollinger Band, current ongoing candle
is trying again to upside breakout MBB.
Important to note that MBB coincides also roughly with the secondary downtrend line resistance.
Therefore, a breakout of that area, on a closing period basis, would be the first positive signal for
H1 : In a sideways, slightly downside price action.
Clouds are acting as a resistance zone to break.
2 upside breakout failures so far.
On the downside, a clouds support breakout would
directly put the focus on the 47000 area (yesterday's former intraday low !),
ahead of the double bottom area around 45000.
M15 : Sideways price...
D1 : Failure to recover above the pivot level @ 51530 triggered a retest of
both Mid Bollinger Band and Strategic uptrend support line.
This recent price action increases considerably the risk for a downside breakout
of MBB, putting directly the focus on yesterday's low of 47000 ahead of the 45000 area.(KS)
In order to neutralise this...
H1 : Failure to upside breakout the clouds resistance area triggered an opposite move
towards the Mid Bollinger Band with the last H1 closing roughly at the level of MBB.
Ongoing H1 closing will be important as the bottom of the clouds support zone is currently
under attack, with slighly below still the Kijun-Sen as the last support before the former lows
H1 : A double bottom formation took place yesterday; trigger level @ 49582
Trigger upside breakout occured but the failure to move above the current
downtrend line resistance rejected the breakou attempt. In addition, this rebound
nearly reached the 50% Fib ret @ 51599 (high was @ 51459)
We then saw a pullback towards the trigger level...
D1 : Yesterday's strong selloff towards an intraday low of 44845, in breaking briefly the Kijun-Sen (45273) level and rebounded sharply above it,
to finally close above the strategic uptrend support line which keep, for the time being, the bullish mode still intact.
Today's ongoing price action is showing a recovery followup in progress;...
H4 : The recent selloff (55046-44845)triggered three long black candles)
followed by a long white candle which is showing a piercing line pattern.
The 38.2% Fib ret has already been filled @ 48729 which coincides
roughly with the bottom of the clouds resistance zone.
Higher next level to watch is the 50 % Fib ret @ 49935 (roughly the...
W1 : A potential mirror effect triggered by an ongoing Bearish Engulfing pattern (to be confirmed in W1 closing !) is in progress.
The 23.6 % Fib ret @ 45491 of the 3850-58354 rally has already been filled.
In addition, there is also a RSI bearish divergence in progress which is not been confirmed yet.
Next important support level to watch is...
H4 : Last long black candle triggered a BEARISH ENGULFING PATTERN,
with a closing level below MBB, TS and KS !!!
Moreover, for the first time the closing level of this time frame was
also below the tactical uptrend support line.
In addition, technical indicators do not show recovery signal (s) yet.
Watch H1 price action for...
H1 : Failure to recover and and hold above the ongoing downtrend line resistance and MBB triggered further selling pressure !
Last closing candle was below former low closing levels and below
MBB, TS and KS !
No signs of any reversals in all indicators
Watch next H1 closing for validation or invalidation of the ongoing bearish price...
D1 : The ongoing bearish tactical price action is currently triggering a long black bearish candle...
In addition the first significant support is now, not far away, TS @ 52134
A failure to hold above this important support level, would likely trigger further downside move in a
acceleration phase mode, putting the focus on the 23.6% Fib ret @...
H4 : Last long black candle with an intraH4 low @ 53461 triggered a closing which
coincided with a breakout of both Tenkan-Sen and Mid Bollinger Band !!
In addition the closing level coincided also with the level of the Kijun.Sen.
Moreover, technical indicators are all still calling for further downside,
Watch carefully H1, M15 and M5...
M15 : Watch Mid Bollinger Band as leading indicator and very short term downtrend line resistance.
Interesting to note that the 61.8% Fib ret coincides also with the clouds resistance zone.
On this time frame, a recovery and, if hold above the clouds, would neutralise the current ongoing bearish price action.
Watch M5 for intermediate...
H1 : Watch the clouds as an important support zone.
2 successives dojis took place which triggered a rebound.
Technical indicators are showing some signs of a recovery.
Resistances levels are the following :
R1 : 56327
R1 : 56713 (currently the downtrend line resistance level)
R3 : 57099
IMPORTANT TO NOTE THAT 57099...
H4 : Recent price action is showing an attempt to breakout the Mid Bollinger Band support (wait for confirmation !)
Indeed, from the recent top we can see 2 bearish black candles and the ongoing candles will validate or invalidate the
ongoing tactical bearish price action which is for the time being in a 58350-54500 trading range.
If MBB hold...