Following on from the Daily analysis I posted, this is the Weekly outlook.
We of course don't know what's going to happen, but it's always advisable to stay ahead of the market and prepare for as many eventualities as possible.
Option A The red box is the PRZ on the Daily TF. This falls short of the overall down trendline, but sits nicely in a strong Supply Zone on the Weekly TF.
Option B This is where the decision point is likely to be made if we break the Lower Low on the Weekly TF.
Summary Considering the strength of the bullish momentum on the way up, we've already taken out one Supply Zone (labelled 'i'). This is true to the characteristics of an advanced harmonic pattern (in this case a Daily bearish Bat formation). If we compare the strength of the buyers vs sellers at the PRZ, I'm expecting the trade to be successful, but anticipating some serious buying resistance.
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I forgot to mention the immediate resistance and 50EMA highlighted with the red/yellow circle.
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Maybe we're in for a bounce off this validating a sell on the lower TF's