I say "possible" or "may happen", which doesn't mean it will happen 100 % sure. But there are some indications on 4H chart.
- Ichimoku picture is bearish, but on the recent selling wave price has not break below previous key low of 35,15.
- Heikin-Ashi shows drop in bearish momentum: candle body shrinks, haDelta is slowly up.
- EWO has likely reached its lowest level on 14/Dec, which means the bearish wave is weakening: positive divergence
If price can not make a lower low below 34,50, then we will see a quick spike to 38+.
Please note this is a continous CFD quote, which still reffers to January front contract. February/2016 contract trades appr. 140 points higher, around 36,70 when I write this post. In terms of Febr contract the possible retracement would be of course 39+
- Ichimoku picture is bearish, but on the recent selling wave price has not break below previous key low of 35,15.
- Heikin-Ashi shows drop in bearish momentum: candle body shrinks, haDelta is slowly up.
- EWO has likely reached its lowest level on 14/Dec, which means the bearish wave is weakening: positive divergence
If price can not make a lower low below 34,50, then we will see a quick spike to 38+.
Please note this is a continous CFD quote, which still reffers to January front contract. February/2016 contract trades appr. 140 points higher, around 36,70 when I write this post. In terms of Febr contract the possible retracement would be of course 39+