Daily chart:
Development of corrective downward wave is in progress. It’s early to discuss a full downward reversal of the trend, we just record a pullback. But actual targets of decline are middle and lower Bollinger bands (8090 and 7191). The second mark is apparently lies beyond one day.
H4-chart:
Locally the market resides in a downward phase, though overall range is kept as sideways so far. Thus we can expect decline of the quotes towards the lower wall of the sideways channel to the 8090-8168 zone.
H1-chart:
Active trending state of ADX indicator also speaks for decline continuation. However, we can’t rule out a prior pullback to the middle Bollinger band (8610), where the most optimal sell entry point resides.
Expectations:
Main scenario: Decline in direction 8090-8168.
Alternative scenario: Prior upward pullback to the 8610 region and following downward movement in direction of the 8090-8168 area.
Trading recommendations:
Shorts in direction 8090-8168. Optimal entry point is 8610.
Development of corrective downward wave is in progress. It’s early to discuss a full downward reversal of the trend, we just record a pullback. But actual targets of decline are middle and lower Bollinger bands (8090 and 7191). The second mark is apparently lies beyond one day.
Locally the market resides in a downward phase, though overall range is kept as sideways so far. Thus we can expect decline of the quotes towards the lower wall of the sideways channel to the 8090-8168 zone.
H1-chart:
Active trending state of ADX indicator also speaks for decline continuation. However, we can’t rule out a prior pullback to the middle Bollinger band (8610), where the most optimal sell entry point resides.
Expectations:
Main scenario: Decline in direction 8090-8168.
Alternative scenario: Prior upward pullback to the 8610 region and following downward movement in direction of the 8090-8168 area.
Trading recommendations:
Shorts in direction 8090-8168. Optimal entry point is 8610.