DAILY (D1)
The "minor" 61.8% Fibonacci retracement @ 44'783 of the last downside move (52'098 "shooting stars) towards 32'950) has been filled.
Above that level there is a very important area (DAILY CLOUDS) which should ultimately be broken in order to confirm further upside !
Indeed, a failure to do it would reopen the door for a downside consolidation move towards :
1) The Tenkan-Sen (former resistancebroken by a strong Marubozu pattern on Feb 4th which became now the new first support level to look @ 40'882
2) The Kijun-Sen @ 39'225)
3) "THE BAROMETER" OR THE MID BOLLINGER BAND @ 38'743
4) And last but not least the ongoing uptrend support line, currently @ 38'270.
Levels to look to the upside are the following :
1) 46'721 ( MAJOR 38.2% FIBONACCI RETRACEMENT OF THE BIG 69'000-32'950 DOWNSIDE MOVE)
2) 48'000 ( minor 78.6% Fib ret (52'098-32'950)
3) 50'975 (former highs (2 shooting stars seen in December 2021 , 50% MAJOR FIB RET and the WEEKLY KIJUN-SEN
+ RSI, above the 50 level @ 62.54
- Lagging line still below the Daily Kijun-Sen !
Watch shorter intraday time frames (from from 15 minutes to 4 hours) to get intermediate signal (s) which will validate or invalidate one or the other scenario previously
exposed.
Have a nice trading day
Ironman8848 Jean-Pierre Burki
The "minor" 61.8% Fibonacci retracement @ 44'783 of the last downside move (52'098 "shooting stars) towards 32'950) has been filled.
Above that level there is a very important area (DAILY CLOUDS) which should ultimately be broken in order to confirm further upside !
Indeed, a failure to do it would reopen the door for a downside consolidation move towards :
1) The Tenkan-Sen (former resistancebroken by a strong Marubozu pattern on Feb 4th which became now the new first support level to look @ 40'882
2) The Kijun-Sen @ 39'225)
3) "THE BAROMETER" OR THE MID BOLLINGER BAND @ 38'743
4) And last but not least the ongoing uptrend support line, currently @ 38'270.
Levels to look to the upside are the following :
1) 46'721 ( MAJOR 38.2% FIBONACCI RETRACEMENT OF THE BIG 69'000-32'950 DOWNSIDE MOVE)
2) 48'000 ( minor 78.6% Fib ret (52'098-32'950)
3) 50'975 (former highs (2 shooting stars seen in December 2021 , 50% MAJOR FIB RET and the WEEKLY KIJUN-SEN
+ RSI, above the 50 level @ 62.54
- Lagging line still below the Daily Kijun-Sen !
Watch shorter intraday time frames (from from 15 minutes to 4 hours) to get intermediate signal (s) which will validate or invalidate one or the other scenario previously
exposed.
Have a nice trading day
Ironman8848 Jean-Pierre Burki
