Hello everyone! Have a nice weekend. We are in Trading range at the moment, probably in phase C/B as we havent seen true signs of strength/weakness yet. Still waiting for that ones.
We have few scenarios:
1. Current reaction will reach support level at 39200-39000, then we will see quick V type recovery ( SPRING TYPE ACTION) and then a Higher low test. This will be a bullish sign
2. Reaction will reach not only support level but commit below that and 4hour bar with big spread will close below 39000 = SOW. Then we will see
bulls inability to back in TR (weak rally). Few (1-2) sellers bars after that BU action will be the great entries to short with puttin SL above that BU action.
But we are in sellers control at the moment, just keep that in mind. Bulls need to be strong, they must show something great to change local situation (from neutral-bearish to bullish )
Write your opinion down in comment section below.