Let's look at the daily chart
and try to find answers on 2 main questions in trading: "What is going on in the market?" and "How should I trade?". We can see that price broke the uptrend line. It's a signal that probably we'll see downward movement in the nearest future. Also the descending price channel
gives us insight how the market is going to move lower to possible reversal levels and zones. In spite of downward movement for several weeks, we can consider that we have an up trend and it's better to search for buy opportunities. Fib retracement grid gives us levels where the correction movement can be stopped and reversed. We must watch for price action near 0.382, 0.5 and 0.618 levels and especially if these levels are near to other support levels. Now the market reached one of such level. The 1st possible reversal zone is formed by 0.382 Fib level and 2200.00 support level
. The market bounced from this zone several days ago and it can do the same again. If price drops below, the 2nd reversal zone will between 2000.00 and 1900.00 levels. This zone is formed by 2 support levels and 0.5 Fib level. The bears will need strong fundamental support for passing throught this zone. And the 3d reversal zone can be near 1700.00 support level
and 0.618 Fib level. If you are looking for long term trading, you will be able to buy from these reversal zones after getting buy signals. The market will be still bullish
and have potential for upward movement in long term. Don't forget that even if the daily chart
will confirm the up trend reversal, the weekly chart still will be bullish
and give opportunities for buying and holding long trades.