The neckline of an inverted head and shoulders is being examined as resistance, and all eyes will be on internal trend momentum to see if the price can breakout to the upside to continue wave 3 of the new motive wave to the upside.
The ADX measures the strength of trend momentum and the indicator is turning to the upside inside a trend strength building zone (above 20) as the green positive directional index inches higher to signal a bull trend... a good sign for the bulls.
This should make the psychological $4000 area support and the neckline should continue to be pressured this week with a likely upside break.
The RSI is validating this call with the oscillator staying inside the bullish zone, which supports the market.
$5200 is the minimum wave 3 call on a breakout ... all stops are placed underneath the 61.8% Fibonacci level around $3600.
Happy trading! buy dips!
Thoughts?
The ADX measures the strength of trend momentum and the indicator is turning to the upside inside a trend strength building zone (above 20) as the green positive directional index inches higher to signal a bull trend... a good sign for the bulls.
This should make the psychological $4000 area support and the neckline should continue to be pressured this week with a likely upside break.
The RSI is validating this call with the oscillator staying inside the bullish zone, which supports the market.
$5200 is the minimum wave 3 call on a breakout ... all stops are placed underneath the 61.8% Fibonacci level around $3600.
Happy trading! buy dips!
Thoughts?