trendline/Triangle pattern from below after putting in a by the support
and SMA200. Bulls would like to see price establish itself above the 9400 level
marked by the 61,8 Fib retracement. If it does, the next natural destination would
be the 50% Fib at 11400. Above that is the yet untraded Monthly at 12200,
which, in my opinion will be the big hurdle in an extended bounce up.
On the H4 timeframe (right chart) I have marked important levels with
arrows. Currently we see how price has tested and found support by the
Daily at 8950, which is also the Kijun Sen (White equilibrium line),
and it is also supported by the Weekly S2 at 9135.
Intraday resistance above this level is the Daily R1 at 9750 and the S/R zone
between 9800-10000. Ofcourse the Cloud will become a hurdle if price can
reach those levels. A failure at current levels will likely take price towards the
Daily S1 and the Weekly S3 at 8300-400.