Use this as a guide to identifying the most important technical areas on the chart
Main Items we see on the Daily Chart:
a)The Main Structure is an expanding Triangle, using Elliott Wave Theory we can say that an E wave is remaining (short output using Elliott)
b)The Bullish trendline of the last movement is broken, and currently, we have a structure finding resistance on that trendline (short output)
c)If you see that structure on a lower timeframe like 4hs you can define it as an ABC flat pattern (continuation structure / short output)
d)Currently, the price is facing a major resistance zone, if the price cant surpass this level we expect a continuation of the bearish movement
e)Our Target of the bearish movement we are expecting is the next support zone, tested 2 times already
f)Another important item for the bearish thesis is that the Main Target for the bullish movement was reached, after that we saw a massive sell-off, with High volume
Weekly Chart:
Main Items we see on the Daily Chart:
a)The Main Structure is an expanding Triangle, using Elliott Wave Theory we can say that an E wave is remaining (short output using Elliott)
b)The Bullish trendline of the last movement is broken, and currently, we have a structure finding resistance on that trendline (short output)
c)If you see that structure on a lower timeframe like 4hs you can define it as an ABC flat pattern (continuation structure / short output)
d)Currently, the price is facing a major resistance zone, if the price cant surpass this level we expect a continuation of the bearish movement
e)Our Target of the bearish movement we are expecting is the next support zone, tested 2 times already
f)Another important item for the bearish thesis is that the Main Target for the bullish movement was reached, after that we saw a massive sell-off, with High volume
Weekly Chart: