I do expect it going back to 3., but a break on strong signs of maintained demand upside the 2.40 area would need to happen first.
And considering how selling interest has been showing an importance presence, I expect it to tap it 2.0 more times before it happens having it decreasing further more. Consolidate still to the right more accumulating.
Daily
And if you dissect it as a term of cycle, there's still place for a spring to happen. Which is a move under the TR that give a testing of buying interest at lower zone.
Weekly
Buying interest has been showing presence at the 2.0 area when price did test it on the 6 September & 20 September weekly close. As well as on the 27th and this time with less selling getting absorbed, but not a enough strong buying presence to make it break upside 2.40.
Supply has been decreasing week by week, but again, there's more absorption of it needed, or demand presence needing to manifest.
Going to put it as a sell as signal, because I don't expecting it to go up yet. And I can't have a serious buying bias till it has a change of character and major SOS breaking 2.40 happening. But on the longer term, I am on a buy bias. What I see it that we are into a accumulation cycle, that is still unfolding.
And it will all be updated as price move furthermore.
And considering how selling interest has been showing an importance presence, I expect it to tap it 2.0 more times before it happens having it decreasing further more. Consolidate still to the right more accumulating.
Daily
And if you dissect it as a term of cycle, there's still place for a spring to happen. Which is a move under the TR that give a testing of buying interest at lower zone.
Weekly
Going to put it as a sell as signal, because I don't expecting it to go up yet. And I can't have a serious buying bias till it has a change of character and major SOS breaking 2.40 happening. But on the longer term, I am on a buy bias. What I see it that we are into a accumulation cycle, that is still unfolding.
And it will all be updated as price move furthermore.