This could have been either a H&S or Inverted Cup & Handle.
Either way, confirmation of this pattern with a breakout below 59k could see a measured downside move to high 48's.
This matches up precisely with the 38.2% Fib from the JUL low, and would be a perfect re-test of the medium term trend & 2/1 Gann line. By the time it gets there, it will be a good bounce on the 200 EMA also.
All this coupled with yesterday's confirmation of Hidden Bearish Divergence on the monthly RSI points to a decent pull back end point.
The completion of a Minor wave 1 down would be confirmed by a strong bounce at this level. Further confirmation of a downside Minor 5 wave will be found at the possible top of wave 2, back up at resistance in the low-mid 60's.
If the downside pattern ends up being invalidated later on, this bounce point at 48-50 is still likely in the mean time.
We'll See.
Either way, confirmation of this pattern with a breakout below 59k could see a measured downside move to high 48's.
This matches up precisely with the 38.2% Fib from the JUL low, and would be a perfect re-test of the medium term trend & 2/1 Gann line. By the time it gets there, it will be a good bounce on the 200 EMA also.
All this coupled with yesterday's confirmation of Hidden Bearish Divergence on the monthly RSI points to a decent pull back end point.
The completion of a Minor wave 1 down would be confirmed by a strong bounce at this level. Further confirmation of a downside Minor 5 wave will be found at the possible top of wave 2, back up at resistance in the low-mid 60's.
If the downside pattern ends up being invalidated later on, this bounce point at 48-50 is still likely in the mean time.
We'll See.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.