… the 60 minute [channel is] at 1270 and the 135 minute at 1266 and rising. This area is the logical target for prices over the next hours/days.
Just 24 hours later, the low price today is 1263. The lower channel objectives have been reached, so some type of rally can be expected. The tick cycle-trap and modified DMX on the 60 minute are turning up now. Any rally now presents a shorting opportunity. This downturn is the first this month that was able to reach the lower channel on the 135 minute chart. Before this, the 60 minute channel contained all declines. Clearly, the larger trend is rolling over. The stronger bearish case is made simply by the daily chart, included here today as well. The indicators aligned to paint yesterday’s daily bar red signaling this new downtrend is underway. The bottom of the daily channel becomes the target for this larger down move. That target is now at 1200, though it is rising slowly.
click chart to enlarge
click chart to enlarge
click chart to enlarge
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You must log in to post a comment.