H4 : As mentioned yesterday the 62000-61500 area should be seen as an important
pivot level for further development.
Indeed, looking at the H4 period, the above mentioned area coincides with the uptrend
channel support line and and a failure to stay inside of it would open the door for lower
levels showing in red (bearish zone) as the first move.
Below , clouds support zone will be the second "very" important support area to look at
very carefully as this zone is currently around the former psychological 60'000 resistance area
which became now the new key support level.
A failure to hold above 60'000 would open the door for the very bearish zone, shown in dark red !
On the upside there is 3 zones to watch at which are clearly recognized :
1) neutral zone (in orange)
2) bullish zone (in light green)
3) very bullish zone (in dark green)
Interesting to note that W1 Fibonacci projection gives the following targets :
A : 65576
B : 71985
pivot level for further development.
Indeed, looking at the H4 period, the above mentioned area coincides with the uptrend
channel support line and and a failure to stay inside of it would open the door for lower
levels showing in red (bearish zone) as the first move.
Below , clouds support zone will be the second "very" important support area to look at
very carefully as this zone is currently around the former psychological 60'000 resistance area
which became now the new key support level.
A failure to hold above 60'000 would open the door for the very bearish zone, shown in dark red !
On the upside there is 3 zones to watch at which are clearly recognized :
1) neutral zone (in orange)
2) bullish zone (in light green)
3) very bullish zone (in dark green)
Interesting to note that W1 Fibonacci projection gives the following targets :
A : 65576
B : 71985
Failure to hold above 60000 would directly put the focus 1000 points below towards
both the cluster support of top of the clouds support zone and the 61.8% Fib ret @ 59052.
Watch H1 and M15 for intermediate signal (s)