LT is at a critical stage and has the potential to surprise in both directions.
The chart below shows the longest term data that could be gathered. As I perceive, it could be in a CT. The support is shown in green arrow-heads and resistance is shown in red arrow-heads. Some important TLs and APFs are also shown. Based on the APFs, the general trend appears to be bearish, but considering the cluster of TLs near the price action, it could languish at these levels for some more time before breaking out.
The chart below shows two wolfe waves. The one in blue is a bearish wolfe that has an un-achievable targets (atleast so it appears at the moment). The red one is a bullish wolfe, but it is still in the formative stage. To complete the pattern, the price action needs to go below red LTL and in my perception, 800-850 levels may provide support.
The chart below shows a yellow band, which is a caution zone or no trade zone. Above this band, it could target 1075 and 1250. If it dips below the caution zone, it has the potential to show 800 and 550.
A straddle could be the ideal trade for this one for the time being.
Results may fail to catalyze any major activity.
The chart below shows the longest term data that could be gathered. As I perceive, it could be in a CT. The support is shown in green arrow-heads and resistance is shown in red arrow-heads. Some important TLs and APFs are also shown. Based on the APFs, the general trend appears to be bearish, but considering the cluster of TLs near the price action, it could languish at these levels for some more time before breaking out.
The chart below shows two wolfe waves. The one in blue is a bearish wolfe that has an un-achievable targets (atleast so it appears at the moment). The red one is a bullish wolfe, but it is still in the formative stage. To complete the pattern, the price action needs to go below red LTL and in my perception, 800-850 levels may provide support.
A straddle could be the ideal trade for this one for the time being.
Results may fail to catalyze any major activity.
LT may reach 800 tomorrow, which can be used to initiate long for target of 1000+. SL could be initially kept at 790 and may be later shifted below the low made in the current dip.
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