Bulls have made some effort to gain terrain but the trend is still bearish.
The past days we saw a strong rejection of the 55ema and the trendline. If bulls have an intention to seek higher ground their time is limited. Once we break down the upwards trendline there is a cluster of fibs and two trendlines of resistance. It will need brute force to overcome this. I give it more then 50% change we break, the upward trendline will be resistance so we may see a little upward move but finally it will break down again.6400 could be reconfirmed within jan 2020 and maybe the downside of the long term trendcanal where 5200 region would be a perfect spot for a turnaround.
The past days we saw a strong rejection of the 55ema and the trendline. If bulls have an intention to seek higher ground their time is limited. Once we break down the upwards trendline there is a cluster of fibs and two trendlines of resistance. It will need brute force to overcome this. I give it more then 50% change we break, the upward trendline will be resistance so we may see a little upward move but finally it will break down again.6400 could be reconfirmed within jan 2020 and maybe the downside of the long term trendcanal where 5200 region would be a perfect spot for a turnaround.
