TARGET PREDICTION!!!!! (SHORT)
DESCRIPTION: In the chart above I have provided a macro analysis on what can be the potential path that price action will follow with current ongoing bearish momentum.
POINTS:
1. Price Action is in an overall downtrend channel.
2. Within this falling channel we have consolidation occurring with bearish trajectory as seen in the image to the top left in the top right example.
3. We have seen a BREAKOUT to the $139 range recently and if we come to see PULLBACK in the $156 range this would confirm a downward move.
*IMPORTANT: PULLBACK POINT COINCIDES WITH TOP OF CHANNEL, SUPPLY FLOOR & 100 & 50 MA.
SCENARIO #1: If price action is to lose $125 we will most certainly see a continuation of current bearish momentum which will then place us in the the follow SUPPLY & DEMAND POCKET OF $125 - $75.
*NOTE: $125 -$75 SUPPLY & DEMAND POCKET HAS PROVEN TO HAVE WEAK PRICE ACTION IN THE PAST.
SCENARIO #2: If price action is to move onto a bullish scenario it is crucial we hold $140 and see enough consolidation in order to invalidate current setup.
TGT
POINTS:
1. Price Action is in an overall downtrend channel.
2. Within this falling channel we have consolidation occurring with bearish trajectory as seen in the image to the top left in the top right example.
3. We have seen a BREAKOUT to the $139 range recently and if we come to see PULLBACK in the $156 range this would confirm a downward move.
*IMPORTANT: PULLBACK POINT COINCIDES WITH TOP OF CHANNEL, SUPPLY FLOOR & 100 & 50 MA.
SCENARIO #1: If price action is to lose $125 we will most certainly see a continuation of current bearish momentum which will then place us in the the follow SUPPLY & DEMAND POCKET OF $125 - $75.
*NOTE: $125 -$75 SUPPLY & DEMAND POCKET HAS PROVEN TO HAVE WEAK PRICE ACTION IN THE PAST.
SCENARIO #2: If price action is to move onto a bullish scenario it is crucial we hold $140 and see enough consolidation in order to invalidate current setup.
TGT
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