Pattern Recognition:
A Head and Shoulders (H&S) reversal structure formed on the daily chart. The 1:1 measured move target has already been achieved, confirming the pattern’s validity.
Confluence Zone:
That 1:1 target aligns closely with the 0.618 retracement of the previous down leg (124,610 → 107,211). This adds weight to the idea that the move is corrective in nature rather than a fresh bullish leg.
Market Structure:
Even though price rallied strongly, the bigger picture shows a lower low was created when the 112,017 support level was broken. This keeps the macro trend bearish until proven otherwise.
Bearish Scenario:
Price is currently respecting the rising trendline. A break below this trendline followed by a retest could trigger continuation to the downside. Potential supports to watch:
112,017 (previous broken support, could flip resistance).
110,681 / 109,363 (structural levels).
108,432 (major demand zone).
RSI:
Momentum has cooled off without reaching overbought levels, suggesting that upside pressure is weakening.
A Head and Shoulders (H&S) reversal structure formed on the daily chart. The 1:1 measured move target has already been achieved, confirming the pattern’s validity.
Confluence Zone:
That 1:1 target aligns closely with the 0.618 retracement of the previous down leg (124,610 → 107,211). This adds weight to the idea that the move is corrective in nature rather than a fresh bullish leg.
Market Structure:
Even though price rallied strongly, the bigger picture shows a lower low was created when the 112,017 support level was broken. This keeps the macro trend bearish until proven otherwise.
Bearish Scenario:
Price is currently respecting the rising trendline. A break below this trendline followed by a retest could trigger continuation to the downside. Potential supports to watch:
112,017 (previous broken support, could flip resistance).
110,681 / 109,363 (structural levels).
108,432 (major demand zone).
RSI:
Momentum has cooled off without reaching overbought levels, suggesting that upside pressure is weakening.
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.