but… slightly above the Tenkan-Sen or Conversion line, currently @ 42′ 007 (as James Bond 🙂
Watch on the downside the secondary downtrend line which, currently coincides roughly with the Tenkan-Sen above mentioned aheadof the former low reached a couple days ago @ 39’558.70 with; below the former primary downtrend resistance line which became the new support from the recent corrective recovery.
On the upside, watch MBB (@ 45’077) as the first warning signal ahead of the most important one, which is the Kijun-Sen @ 45’828.
Only a clear breakout of those two levels, on a daily closing basis, would neutralise the current ongoing downside move.
RSI @ 37.43 below the 50 level
4 HOURS (H4)
A clear breakout of the 42’000 on this time frame would be the first signal which, if confirmed by a daily closing below this level too, would corroborate the view, calling for further downside.
RSI @ 47.25
Watch shorter time frames H1 and M15 to get early signal (s) which would validate or invalidate the implications previously mentioned.
Ironman8848 & Jean-Pierre Burki
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