Good morning, today we are going to look at the 2 following time frames on which
there are very important PIVOTS LEVELS TO WATCH !
Currently in a broad falling wedge in progress with a potential upside breakout for now around
On the downside there is really a very important level to look at carefully on a weekly closing level, later on
today and this level is 46’747.
So, the validation of an upside move continuation will be given later on a weekly closing above 46’747.
The triangle pattern implications mentioned in my previous analysis was roughly right (target expected was 49’421 and high reached so far is 48’500.
Interesting to note, once again, the powerful magical effect of the clouds; indeed after having worked perfectly well, in rejecting the downside breakout, a couple days ago, now, the top of the clouds is the new resistance level , to clearly break which if it is the case would add further support for an upside continuation move.
This upside breakout would also corroborate my view, above mentioned in W1.
Nevertheless, I would also, suggest to look closely at the upcoming price action in shorter time frames (intraday) as there is a potential double top in progress !!!
In screening carefully intraday time frames that would help you to detect early signal of a potential reversal (such as bearish divergence (s), etc)
Have a nice Sunday
All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied.