There is a possible h&s structure forming. I would look for signs of reversal below the red horizontal line for entry which will finally form the right shoulder and a break in neckline will confirm. This structure is invalidated should the price surpass the red line.
Although this structure determines that the target is 2900, I believe that this movement could fuel a further fall in price, possibly to the mid-low 2xxx level.
Any input on the comments below is appreciated. Thanks for reading.
Although this structure determines that the target is 2900, I believe that this movement could fuel a further fall in price, possibly to the mid-low 2xxx level.
Any input on the comments below is appreciated. Thanks for reading.
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Looks like it might have gotten rejected at 3800.
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