Prices consolidated from 2974 to 2780(S=2775-2740) support held at this level and continued higher to R=2800-2830 broke thru with ease onto the next S=2860-2880(2897) which turned resistance for some time, price consolidated within 2880-2830 then turned higher to test the next resistance(S)=2920-2940 zone.
Should prices break out above 2940 then retest of 2972 or prices to target T2=2990-3010 or R=3027-3040, above 3040 then expect 3138 or up to 3250.
Price is on the path of least resistance which is up for now unless it breaks below S=2900-2875, then S=2860-2830. Failure to hold 2860-2830 then lower to S=2775-2740 and lower prices support levels:
S=2685-2670-2645, 2670= 38% of 2180-2972
S= 2615-2590-2560, 2575= 50% of 2180-2972
2485= 50% OF 2180-2972.
Recap from 3393:
X=3393?/3138?, A=2180, B=2641(50%/38%), C=2431, D=? therefore D= 3030(88% of 3138-2180) or 3253(113% of 3138-2180), if prices exceed 3030-3138(double top) then expect
D= 3253(113% of 3138-2180 or 88% of 3393-2180).
Price extension:
2180-2641-2431= 2892(100%),3017(127%),3177(162%)
2431-2890-2724= 3183(100%),3307(127%),3466(162%)
2724-2972-2780= 3028(100%),3095(127%),3181(162%)
2780-2897-2831= 2948(100%),2980(127%),3020(162%)
Price is approaching important confluence levels therefore caution is required.
Should prices break out above 2940 then retest of 2972 or prices to target T2=2990-3010 or R=3027-3040, above 3040 then expect 3138 or up to 3250.
Price is on the path of least resistance which is up for now unless it breaks below S=2900-2875, then S=2860-2830. Failure to hold 2860-2830 then lower to S=2775-2740 and lower prices support levels:
S=2685-2670-2645, 2670= 38% of 2180-2972
S= 2615-2590-2560, 2575= 50% of 2180-2972
2485= 50% OF 2180-2972.
Recap from 3393:
X=3393?/3138?, A=2180, B=2641(50%/38%), C=2431, D=? therefore D= 3030(88% of 3138-2180) or 3253(113% of 3138-2180), if prices exceed 3030-3138(double top) then expect
D= 3253(113% of 3138-2180 or 88% of 3393-2180).
Price extension:
2180-2641-2431= 2892(100%),3017(127%),3177(162%)
2431-2890-2724= 3183(100%),3307(127%),3466(162%)
2724-2972-2780= 3028(100%),3095(127%),3181(162%)
2780-2897-2831= 2948(100%),2980(127%),3020(162%)
Price is approaching important confluence levels therefore caution is required.
