W1 : Last week price action confirmed the bearish engulfing pattern triggered
a week before.
As you can see on this chart and as already told in shorter time frames, we switched
from a bull trend (in green) to a BEAR one (in red) !
Ongoing price action is showing a potential recovery in progress.. but this should be confirmed
on a weekly closing.
Therefore, over the next daily sessions, I strongly suggest to monitor very closely price action
on D1 and shorter time frames to get intermediate signal (s) which will allow you to act accordingly.
CONCLUSION :
On a weekly basis and in order to neutralise the ongoing downside risk, we need to see a weekly closing
at least above the middle body (52700) of the last long black candle; such kind of price action would trigger
a piercing line pattern, first signal of a potential trend reversal.
A failure to do it would confirm the downtrend still in place.
Have a nice week
All the best
May your long goes up and your short goes down
Ironman8848
a week before.
As you can see on this chart and as already told in shorter time frames, we switched
from a bull trend (in green) to a BEAR one (in red) !
Ongoing price action is showing a potential recovery in progress.. but this should be confirmed
on a weekly closing.
Therefore, over the next daily sessions, I strongly suggest to monitor very closely price action
on D1 and shorter time frames to get intermediate signal (s) which will allow you to act accordingly.
CONCLUSION :
On a weekly basis and in order to neutralise the ongoing downside risk, we need to see a weekly closing
at least above the middle body (52700) of the last long black candle; such kind of price action would trigger
a piercing line pattern, first signal of a potential trend reversal.
A failure to do it would confirm the downtrend still in place.
Have a nice week
All the best
May your long goes up and your short goes down
Ironman8848
