Last analysis we talked about a retracement to a daily level or zone if it is broken. Well the daily resistance zone (25882) is broken and its now
acting as support. We also talked about price retracing to this level before continuation of the current momentum.
Well assuming that market closes today bearish and we get our first daily resistance point since the last 6 days we could be seeing a bigger retracement than expected. If we draw our fibs from point a (24788) to point b (26099) we could possible get a retracement to 38.2% before we see price and momentum reach (26465) or near (27000).
Also keep in mind price is currently monthly resistance (26000) so we could possible get a rejection of this level all together.
Seeing how in the lower timeframe momentum is kicking upward we could be transitioning to make move to new highs.
acting as support. We also talked about price retracing to this level before continuation of the current momentum.
Well assuming that market closes today bearish and we get our first daily resistance point since the last 6 days we could be seeing a bigger retracement than expected. If we draw our fibs from point a (24788) to point b (26099) we could possible get a retracement to 38.2% before we see price and momentum reach (26465) or near (27000).
Also keep in mind price is currently monthly resistance (26000) so we could possible get a rejection of this level all together.
Seeing how in the lower timeframe momentum is kicking upward we could be transitioning to make move to new highs.
