I did this Analysis mainly on the daily chart because the set up looks a lot
clearer/cleaner that is where the colour red comes from, the daily chart.
Now on the 1 hr chart these are my predictions. The area in blue is so far a strong area of rejection.
1. If the price closes below this area we can assume that the price will continue down to the first "red line" below the
"red zone 1 area" or continue even further down to the red zone 2 area these are both two areas for a strong rejection
2. Price can still continue up from where it is now to the blue line the red downtrend line or the black box area
with is a possible area of rejection on the 15minute chart.
clearer/cleaner that is where the colour red comes from, the daily chart.
Now on the 1 hr chart these are my predictions. The area in blue is so far a strong area of rejection.
1. If the price closes below this area we can assume that the price will continue down to the first "red line" below the
"red zone 1 area" or continue even further down to the red zone 2 area these are both two areas for a strong rejection
2. Price can still continue up from where it is now to the blue line the red downtrend line or the black box area
with is a possible area of rejection on the 15minute chart.