H1 : Breakout of the clouds support zone triggered a downside acceleration towards a low so far
of 61099 with a pullback attempt failure.
The 38.2% Fib ret @ 61283 has been filled. Looking at the ongoing price action it is more showing
a sell on rally rather than a buy on dips !
In order to neutralise this expected bearish scenario, a quick recovery is needed above the 63000 area
(clouds resistance area) ahead of the cluster (current downtrend line resistance and former support
trend line around 63500
A failure to do it would validate further selling pressure with focus on the very important support level
of 60'000 which is also a psychological area to break !
M15 : This time frame is confirming what has been said above and current recovery attempt should be
seen as a corrective move only in a new bear trend (in this time frame !)
Interesting to note that the Mid Bollinger Band coincides with the 38.2% Fib ret (62139) of the last downside move
and the 61.8% (62789) coincides with the current level of the downtrend line resistance.
Conclusion : watch the clouds on both M15 and H1 and as long as we stay below the clouds, global picture will remain
bearish !
of 61099 with a pullback attempt failure.
The 38.2% Fib ret @ 61283 has been filled. Looking at the ongoing price action it is more showing
a sell on rally rather than a buy on dips !
In order to neutralise this expected bearish scenario, a quick recovery is needed above the 63000 area
(clouds resistance area) ahead of the cluster (current downtrend line resistance and former support
trend line around 63500
A failure to do it would validate further selling pressure with focus on the very important support level
of 60'000 which is also a psychological area to break !
M15 : This time frame is confirming what has been said above and current recovery attempt should be
seen as a corrective move only in a new bear trend (in this time frame !)
Interesting to note that the Mid Bollinger Band coincides with the 38.2% Fib ret (62139) of the last downside move
and the 61.8% (62789) coincides with the current level of the downtrend line resistance.
Conclusion : watch the clouds on both M15 and H1 and as long as we stay below the clouds, global picture will remain
bearish !
No change in my view as long as we are below the clouds the ongoing price action will remain bearish !