WEEKLY (W1)

The weekly picture is showing a BREAKOUT ATTEMPT to cross over the top of the WEEKLY CLOUDS resistance area @ 47’407- Wait for either VALIDATION or INVALIDATION by the ongoing weekly closing level.

DAILY (D1)

Sideways price action caught in a relatively narrow trading range which is showing some uncertainty and indecision about further development.

Yesterday’s closing price @ 45’820 was below the TENKAN-SEN (45’925) and today’s ongoing price action is showing a recovery attempt above the TS , which today @ 46’167after having been supported by the ongoing uptrend support line, currently @ 45’565

LEVELS TO WATCH (daily closing basis ! :

UPSIDE : R1 :46’167
R2 : 47’218
R3 : 48’234

A DAILY CLOSING ABOVE 48’234 WOULD CONFIRM FURTHER UPSIDE TOWARDS THE PSYCHOLOGICAL 50’000 RESISTANCE LEVEL AHEAD OF THE VERY IMPORTANT 50’975 LEVEL WHICH IS THE WEEKLY KIJUN-SEN !

DOWNSIDE : S1 : 45’565
S2 : 44’159 (38.2% Fib ret)
S3 : 42’900 (50% Fib ret & KS )

RSI @ 61.36, below its uptrend support line and the LAGGING LINE moving in a SIDEWAYS mode.

A DAILY CLOSING BELOW 44’650 WOULD PUT IN TROUBLE THE STILL VALID TRIANGLE PATTERN TARGETING 57’620

4 HOURS (H4)

Currently roughly IN THE MIDDLE OF THE H4 CLOUDS SUPPORT AREA , caught between the KIJUN-SEN in support @ 45’982 and the TENKAN-SEN in resistance @ 46’391.

Watch the upcoming H4 closing to get more clues about further development then watch the CLOUDS and respectively :

46’785 on the upside
44’493 on the downside

A FAILURE TO HOLD AND CLOSE ON H4 time frame above the clouds bottom level @ 44’493 would corroborate the implications previously mentioned in D1

1 HOUR (H1)

WATCH THE CLOUDS TOO as a good leading indicator in this H1 time frame.

The bottom of the clouds coinciding also with the H1 Tenkan-Sen level @ 45’985 !

As usual monitor closely intraday shorter time frames which will help you to catch early signals which will validate or invalidate the implication of the scenario mentioned in longer time frames.

Have a nice Sunday (Winter is back in Switzerland…)

All the best and take care

IRONMAN8848. & Jean-Pierre Burki

https://www.tradingview.com/gopro/?share_your_love=Ironman_8848