Reasons/Traits : • Cypher bullish harmonic pattern formation seen • Below 20 and 50 EMA • Trend breakdown retested and an inside bar formation seen today • RSI, MACD and Stoch are in down trend • Earlier channel breakout failed
What can happen next : Scenario 1 : Price sustaining above 460 levels can take it to 472/488/510/547 (to complete cypher harmonic bullish pattern) Scenario 2 : Price break down below 460 can take it down to 454/438/425/410/400 levels
Important levels are mentioned above and it doesn’t mean it will achieve all one by one … price can hover along these prices and due course of time will tell us the price movement between these levels. 460 is important level and breaking it can take the price down or it can bounce back.
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!