Strong bearish divergence and overhead wicks at 11500.
Heading back towards low of parallel channels, both the LTF orange and HTF light blue channels.
TL resistance from 12500 head and 12100 right shoulder of H&S pattern to 12500 would be retested as support @ 10750
10750 is an important horizontal S/R area
ABC breakdown: retest 0.618 FIB level
- A = retest of critical S/R @ 11100. It was support for range from 11100 - 12500, and resistance for consolidation range from 9800 - 11100.
- B = retest as resistance @ 11300
- C = retest parallel channel lows @ 10750
LONG CONDITION:
- SWP long-tail wicks at 10750 channel low
- Bullish divergence on RSI & OBV
- Volume increase on retest as support
- Confirmation: Open Interest increases as we bounce above 10750
SORT CONDITION:
- Breakdown of TL support of channel
- Volume increase on breakdown of TL support @ 10750
- RSI & obv showing no signs of reversal
- Confirmation: backtest of channel as resistance @ 10750
Heading back towards low of parallel channels, both the LTF orange and HTF light blue channels.
TL resistance from 12500 head and 12100 right shoulder of H&S pattern to 12500 would be retested as support @ 10750
10750 is an important horizontal S/R area
ABC breakdown: retest 0.618 FIB level
- A = retest of critical S/R @ 11100. It was support for range from 11100 - 12500, and resistance for consolidation range from 9800 - 11100.
- B = retest as resistance @ 11300
- C = retest parallel channel lows @ 10750
LONG CONDITION:
- SWP long-tail wicks at 10750 channel low
- Bullish divergence on RSI & OBV
- Volume increase on retest as support
- Confirmation: Open Interest increases as we bounce above 10750
SORT CONDITION:
- Breakdown of TL support of channel
- Volume increase on breakdown of TL support @ 10750
- RSI & obv showing no signs of reversal
- Confirmation: backtest of channel as resistance @ 10750