Overall trend is still uptrend
Daily chart
The current price is above EMA 50 & EMA 200
Possible counter-trend
However, price seems weakened and finding its resistance at 194 area == pitchfork's midpoint
4H chart
possible formation of Elliot wave 5 to be completed, suggesting to go south in coincide with MACD MA crossover
Selling trigger method:
A break and close below the regression trend channel suggest to go south and take profit roughly before wave 4.
Otherwise;
A break and close above the regression trend channel suggest to go north and take profit roughly around 195.500
Note: These are just our opinions about the market. They are not signals.
Your turn! What are your thoughts?
Happy Trading
Daily chart
The current price is above EMA 50 & EMA 200
Possible counter-trend
However, price seems weakened and finding its resistance at 194 area == pitchfork's midpoint
4H chart
possible formation of Elliot wave 5 to be completed, suggesting to go south in coincide with MACD MA crossover
Selling trigger method:
A break and close below the regression trend channel suggest to go south and take profit roughly before wave 4.
Otherwise;
A break and close above the regression trend channel suggest to go north and take profit roughly around 195.500
Note: These are just our opinions about the market. They are not signals.
Your turn! What are your thoughts?
Happy Trading