The graphic is pretty self explanatory.
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Bulls are tired, so a short to 8070 is more recommended
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Short target achieved.
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Some key trendlines.
We might see a bounce upwards, but if it's not powerful, we'll go even lower.
Downtrend channel in a downtrend channel:
We might see a bounce upwards, but if it's not powerful, we'll go even lower.
Downtrend channel in a downtrend channel:
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Inv H&S possibility is not valid any more in my opinion.
The next bullish possibility is we bounce to 8.3k and start creating a falling wedge
The next bullish possibility is we bounce to 8.3k and start creating a falling wedge
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Another bounce possibility @ 7.8.
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If 7.8 doesn't hold, I turn bearish
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Second reason I turn bearish if 7.8 doesn't hold
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This is why 7.7 - 7.8 is an important resistance point.
Confluence: 2 meeting trendlines + 2 fibonacci zones
Confluence: 2 meeting trendlines + 2 fibonacci zones
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There might be some stop loss hunting at this zone so I won't hurry into taking any decision until things clear out