This setup is base on the following price confluences.
1. Downtrend on Monthly chart witch has been initiated from economics news shift, as well as resistance, and trend line as indicated by arrows.
2. Support and Resistance lines for a very long expectation of down trend.
3. Descending channel trend line. As shown in purple channel as well as how price reaction to it as shown in small purple arrows.
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
(As point by Blue box)
This number come from many previous days price support/resistance as indicated by RED arrows.
(As point by RED box)
This number come from the last peak, and numeral smaller peak under its. Thus, it shown some sign of price rejection under this numbers. ( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
This number come from price support in year 1997 and again in year 2003. (As pointed by small blue arrow)
1. Downtrend on Monthly chart witch has been initiated from economics news shift, as well as resistance, and trend line as indicated by arrows.
2. Support and Resistance lines for a very long expectation of down trend.
3. Descending channel trend line. As shown in purple channel as well as how price reaction to it as shown in small purple arrows.
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
(As point by Blue box)
This number come from many previous days price support/resistance as indicated by RED arrows.
(As point by RED box)
This number come from the last peak, and numeral smaller peak under its. Thus, it shown some sign of price rejection under this numbers. ( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
This number come from price support in year 1997 and again in year 2003. (As pointed by small blue arrow)