A nice move down at the end of last week, with a harami posted on Weds, bearish action with a weak close on Thurs and a gap down on Friday. Notice how price rebounded off the WS1 at the end of the week after being rejected at the Demark R1 on Tuesday.
Pivots for next week show an open below the weekly pivot, which matches nicely with the DR1 to make strong resistance overhead and gives a bearish outlook. DS2 also matches WS1 for support and so these two areas may act as magnets for price on Monday.
The Stoch divergence is playing out nicely with plenty more downside left.
For early part of next week i'm looking for a bounce to 25400 to add short for a continued move down to 25125 (WS1) and 25027 where we will reassess based on the reaction to the monthly pivot.
Pivots for next week show an open below the weekly pivot, which matches nicely with the DR1 to make strong resistance overhead and gives a bearish outlook. DS2 also matches WS1 for support and so these two areas may act as magnets for price on Monday.
The Stoch divergence is playing out nicely with plenty more downside left.
For early part of next week i'm looking for a bounce to 25400 to add short for a continued move down to 25125 (WS1) and 25027 where we will reassess based on the reaction to the monthly pivot.
