In my last analysis, I spoke of bear's likely taking control
...
Right now, things aren't looking good for any significant upward movement. The daily RSI being at 40 isn't comforting for the bulls, there's more room to move lower. I'm watching the 6700 range as a current support range with the yellow slope on the gann highlighted. Not worrying about proper timing placements, we adjust as price flows.
Play your fib levels from wave movements, support/resistances are defined by these. Too many saw a " Tripple bottom" on the one hour and were bullish, without pulling back and gaining perspective from the greater movements.
Layer from each wave point and it's rather obvious... Don't underestimate the harmonics of any market movements.
Daily DMI is hugging a consolidation point with short levels/momentum almost crossing. 4 hour has begun that move. Short term ranges highlighted with the box. Fib/s left on the chart on purpose. Bears are now in control of the ball.
Well below kelt channel on 4 hour, so..possible bounce into lower 7ks tonight/tomorrow, hoping that 64-67 area is kept in check or low 5-4k ranges will be coming by late summer.
20day and 200 day MA are overlapped, interesting to see.
Right now, things aren't looking good for any significant upward movement. The daily RSI being at 40 isn't comforting for the bulls, there's more room to move lower. I'm watching the 6700 range as a current support range with the yellow slope on the gann highlighted. Not worrying about proper timing placements, we adjust as price flows.
Play your fib levels from wave movements, support/resistances are defined by these. Too many saw a " Tripple bottom" on the one hour and were bullish, without pulling back and gaining perspective from the greater movements.
Layer from each wave point and it's rather obvious... Don't underestimate the harmonics of any market movements.
Daily DMI is hugging a consolidation point with short levels/momentum almost crossing. 4 hour has begun that move. Short term ranges highlighted with the box. Fib/s left on the chart on purpose. Bears are now in control of the ball.
Well below kelt channel on 4 hour, so..possible bounce into lower 7ks tonight/tomorrow, hoping that 64-67 area is kept in check or low 5-4k ranges will be coming by late summer.
20day and 200 day MA are overlapped, interesting to see.
