From the last post, there was a Gap closure and breakout... well, almost. What happened was a stall after the gap closure. This is the first indication that something is not right and a strong resistance is in the way.
After more than a week, a decisive down candle wiped out two prior days of bullish candles, and reopened the earlier gap. This by itself is very bearish... first on the candlestick pattern, and next on the reopening of the gap.
MACD have crossed under the signal line, in support of the bearish undertone.
Now, we wait for a full reopening of the gap, meaning a further breakdown of the supports.
By simple projection, the down wave from mid July to August (blue arrow) is projected from the last lower high in mid-August.
This brings the target to mid-September, at an old critical support level of 780.
Oddly enough, am expecting this to happen by the end of next week.
After more than a week, a decisive down candle wiped out two prior days of bullish candles, and reopened the earlier gap. This by itself is very bearish... first on the candlestick pattern, and next on the reopening of the gap.
MACD have crossed under the signal line, in support of the bearish undertone.
Now, we wait for a full reopening of the gap, meaning a further breakdown of the supports.
By simple projection, the down wave from mid July to August (blue arrow) is projected from the last lower high in mid-August.
This brings the target to mid-September, at an old critical support level of 780.
Oddly enough, am expecting this to happen by the end of next week.
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