Price has bounced sharply from the May low and the Yearly S2 pivot support., and is now
testing the Kumo Cloud resistance at 1,10. Bears should look for a sell signal on intraday
chart or just wait for the daily close. A long wicked daily candlewill be good to use to go short.
A close inside the Cloud increases the likelihood for a return to the monthly PP and upper Cloud 1,1150-1,12.
However, today, there is also strong resistance at Weekly R1 and a sloping trendline, at 1,1070. Since the B-level
from May was taken out, we can say that the Butterfly has become more probable, despite the sharp bounce.
testing the Kumo Cloud resistance at 1,10. Bears should look for a sell signal on intraday
chart or just wait for the daily close. A long wicked daily candlewill be good to use to go short.
A close inside the Cloud increases the likelihood for a return to the monthly PP and upper Cloud 1,1150-1,12.
However, today, there is also strong resistance at Weekly R1 and a sloping trendline, at 1,1070. Since the B-level
from May was taken out, we can say that the Butterfly has become more probable, despite the sharp bounce.