*Big picture support dominating direction monthly/weekly/daily resistance has been breached
*Ellipse area is equilibrium and indecision played a big role in the area
*No major resistance until 172000 area
*Risk to reward 1/4
*Trend is your friend (going with the trend)
Rejections from resistance zone showing big players stepped in the market in the market ready to sell, shift in sentiment came from the big drop that breached major support. Broke trend line from the two latest valleys. take profit, highlighted area has made many transactions so as price drops to this area depending if there are visible signs of a significant...
We can clearly see the behaviour of the novice traders, who are buying after a big rally in price.
1: major resistance valid from 2003
2: price action breaching overbought bollinger-band showing sign of buying pressure coming to an end.
ratio 1:4 (rounded)