Ladies and gentleman, gots some problems.
Within 10 days we will know our mid-term direction, and it is NOT looking good, but NOT looking horrible.
Let me show you an in-depth analysis why.
Right now the WEEKLY is showing a confluence of EXTREME, nearly unbreakable resistance.
-Weekly resistance from our (Which we were just rejected at on the weekly.)
-Weekly resistance from prior support (Also got rejected here.)
-Weekly price resistance from our . (REJECTED)
The trifecta. See more below.
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First off – the short term outlook.
This is a 6h close-up analysis of a rather large we are currently ranging inside. An interesting discovery was made when I realized the support + resistances I plotted on the weekly were extremely reliable in backtesting by predicting high accuracy trading opportunities within the 6h time frame.
Click on the idea above and read to learn more.
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Next, we have a with the same weekly . Interestingly enough, this is by far the longest has been able to hold ABOVE the resistance since we initially began downtrend.
AND WE’RE SIDEWAYS!! WTF?
We have done nothing for the entire past year but make lower highs, so the trend is obviously . I believe we will soon have a green daily candle that will form yet another lower high, then get rejected off the . At that very point, will then in my opinion dump to either the bottom of the , or a new low.
At worst, must either hold above $3,300 for the short term to play out, or create a at around $3,150. Considering how long price has been stagnant above extreme resistance, I find it hard to believe a is much of a possibility at this point. When this thing breaks, it’s going to be VIOLENT.
If we break below $3,120 with momentum, MINIMUM bear target I see is the 2.618 located around $2,435.
Past that, targets are marked.
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Published at Mon, 28 Jan 2019 13:09:57 +0000
