- Weekly bearish engulfing Bar.
- Close below 5 WEMA.
Price has crossed the LML of the orange Pitchfork.Drawing a new downsloping red pitchfork, the down target for the swing down is 5570 levels.This corresponds to the 50 % R of the upswing from 4787 to 6336.
A retest of the junction of orange LML and red UML at around 6035 - 6070 levels will give a good opportunity to sell again.Price action of bars at these levels will give the confirmation of the downmove.
Above 6200 the downmove probability is reduced.
Hi kavima,
ReplyDeleteNice Analysis. Thank you.
Regards,
Veer