Downward consolidation to potentially re-enter previous channel
We are currently testing the former December support level between 8100 - 8300 area.
The former upward purple channel has been broken through on a short term timeframe, look for price to consolidate under this to confirm a down trend.
A solid break back above the purple channel and consolidation pattern above it, would indicate strong bullish sentiment.
If we see a downward continuation through the S1 zone, we are likely headed toward S2 (7000) and then 6000, which would denote a healthy correction and possible upward continuation from then on.
Nothing however is certain in this market, in a further correction to 6000 scenario it could just be another consolidation point for a further down move. So, we wait for it to show us what it's got at each key support and resistance level before acting.
If you try and pick bottoms, you will lose 99% of the time. Play it safe, let the market talk to you instead of trying to read its mind.
The former upward purple channel has been broken through on a short term timeframe, look for price to consolidate under this to confirm a down trend.
A solid break back above the purple channel and consolidation pattern above it, would indicate strong bullish sentiment.
If we see a downward continuation through the S1 zone, we are likely headed toward S2 (7000) and then 6000, which would denote a healthy correction and possible upward continuation from then on.
Nothing however is certain in this market, in a further correction to 6000 scenario it could just be another consolidation point for a further down move. So, we wait for it to show us what it's got at each key support and resistance level before acting.
If you try and pick bottoms, you will lose 99% of the time. Play it safe, let the market talk to you instead of trying to read its mind.
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