Since daily was so bad, this is totally possible. At this moment it does appear that this is what we will see play out, if we break the 100SMA on the 4 hour. I will follow up as it progresses.
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An alternative may looks something like this..
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Keep an eye on that 100SMA 4 hour. It is a critical level to hold. If we lose that we will see further down.
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I highly recommend using the EMA/SMA's that I have created in the indicator here:
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It looks like we broke down so we will hit some support on the way down. Some at the yellow tend line but the major support is at the 200SMA on the 4 hr. I have it shown here.
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If this support holds then we may end up doing this.
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Here is the last comment on this and then we will see how it plays out. We just bounced off a very strong support level, the daily 21ema. I imagine this give us a boost unless there is some major signal of a reversal downwards, it looks like we will find some juice for up.
If we lose the 21ema daily, then we are likely to see a pullback to approx 9800. This is very possible as well, but the current support level does give myself, and many others confidence that we will grid up a bit.
If we lose the 21ema daily, then we are likely to see a pullback to approx 9800. This is very possible as well, but the current support level does give myself, and many others confidence that we will grid up a bit.
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1 more thing... We do not seem to be getting strong support off the 21ema daily, so I am beginning to think that we are heading for this in the coming weeks...
