Price is currently being held up by the hourly 200 MA. A close below this moving average and the neckline in the vicinity of 10300 would signal a further decline with a target in the 9k range based on the height of the H&S pattern. If price remains above 10300, price is expected to continue upward to test the major downtrend line extending from the 20k high.
Kommentar:
We have broken the neckline as anticipated. Look for price to bounce from the 100ma on the 4 hour, and most importantly, from the 200ma on the daily. We will need to hold the daily 200 period moving average to maintain any bullish sentiment.
Kommentar:
Retest of the neckline breakdown. Looking for more downside unless we can get a close on the 4hr above the neckline, and more decisively, a close on the daily above the 50ma.