The price failed to pull back on my 7,877.90 rejection point, as 5H expanded into a new bullish candle series, forming a Channel Up (RSI = 66.656, BBP = 177.8282, MACD = 179.400). Unfortunately my model had this rise priced 1 week later, and as a result I have miscalculated the previous 1W candle and short entry. The last 1W candle closed at +11.45% (second straight week in gains). Though the lower time-frames support a bullish continuation (1H, 5H), 1D displays a strong Resistance zone = 9,058.15 - 9,188.56, which is the last Lower High on the 1D Channel Down before the 6,436 Lower Low. A combination of that Resistance zone, overbought 1D STOCH = 80.317, STOCHRSI = 94.512 and Williams = -6.986 and the 1W wave theory based on the similarities with the 2014/2015 bear market gives me the following map: Current resistance rejection and reversal towards 7,300 in the next few days. Rise towards the 11,780 (1W 38.20% Fibonacci) in early June followed by a new Low = 5,200 by late September.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!