I'm Expecting price to retrace down then return its trend up. If not price will continue down as noted in my analysis. Always have two ideas of where price may go because sometimes it doesn't go the one way you intended it to so you always have to have a back up plan.
Price stopped at a minor level near 111.100 we could see a drop to 110.700 where price with bounces from or breaks below if so id near a clear break to 110.600 in order to take short positions. if not price could bounce from 110.700 and rally up between 111.1-111.500
Price stopped at a minor level near 111.100 we could see a drop to 110.700 where price with bounces from or breaks below if so id near a clear break to 110.600 in order to take short positions. if not price could bounce from 110.700 and rally up between 111.1-111.500.
I expect some pullback until we reach a zone where we can continue its rally up to around the high 112-113 level unless we break past this zone then we will be headed up. If we break past our recent support area we are pulling back then I expect the bears to take full affect and well be heading back into the lower 100s.
This is just for personal learning. You can look and see as I expect a possible pullback to what was former resistance and I believe it may turn into future support and continue up until its next resistance level. Any input is appreciated! Just a fyi this may take time to play out as I am looking on the 4H and Daily time frame.
Forgive me I am not specialist when it comes to knowing all the bullish and bearish pattern formations YET. But it has been in a clear bullish channel for a while now. But recently its created higher lows and highs. It can continue to rise up as I have drawn. I can tell it is in a breakout formation to the upside or down is too early to tell.
Double top forming possible head and shoulders could form if price wants to be stubborn.
If price is not able to break above 88.80 level then it will drop down to 3 possible areas 1st being 84.000 2nd. 82.000 or 3rd. 80.000
From a long term daily perspective I see it has been in a downtrend. It has retraced up to a level (1.444) it may reverse at or go up a bit (1.4500) more then finally head down to around the 1.42000 area.