Daily Chart:
- The pitchfork worked well, and we don’t have a price failure
- Currently in a downward wedge, might be able to determine a direction tonight due to NFP
- The double top pattern seems to be working, with a target pretty close to the key support level of 2153.5
- Quite close to test the 50MA. Break could result in another deep drop
Weekly Chart:
- Still in an extremely long-term rising wedge since the crisis (weekly chart), currently at the top part of the pattern
- The 2 pin-bar in the chart suggested the demand is extremely high at ~1800 and ~1980 levels
- However, we also have two Doji candles currently, indicating a potential px reversal formation
- Previously monthly trendline was only broken when the financial crisis was coming. So the monthly trendline would be hard to break but expect more retesting in the following months due to the wedge pattern.
- The pitchfork worked well, and we don’t have a price failure
- Currently in a downward wedge, might be able to determine a direction tonight due to NFP
- The double top pattern seems to be working, with a target pretty close to the key support level of 2153.5
- Quite close to test the 50MA. Break could result in another deep drop
Weekly Chart:
- Still in an extremely long-term rising wedge since the crisis (weekly chart), currently at the top part of the pattern
- The 2 pin-bar in the chart suggested the demand is extremely high at ~1800 and ~1980 levels
- However, we also have two Doji candles currently, indicating a potential px reversal formation
- Previously monthly trendline was only broken when the financial crisis was coming. So the monthly trendline would be hard to break but expect more retesting in the following months due to the wedge pattern.
