So far it seems the measured move AB=CD is doing its job.
Price was held back by point B for a while but now it broke and price goes up again it seems.
Short term key level here is 50% of AD wich is 13493.5
This level is the first target of this revalsal pattern
if we can break that short term key we can expect a new attack for the longer term key 14070
IF it happens we would go up from here all the way to point D, expect a bearish reversal at point D with a good RR for a short position. Stop should be above X.
i will update on the targets in case this scenario would unfold
Maybe it will never happen but in case point B will break there is a good change we will go to D
When that happens point D is a possible reversal zone with a good RR for a swing long
The fibs dont line up very nice in this one but its close enough
i will keep you updated on this one!
The broken neckline was tested back now for three times.
When a level gets tested more than two times often the level will not hold for long anymore.
Also, the price did not get rejected at the neckline, instead there seems to be acceptance.
bears seems to run out of fuel for now,
bulls can take back the neckline soon,
the bearish reversal...