18600 level before long, but possible revisit to over 20400
The bottom looked rather solid, but the bullish picture is fading under the more stubborn ceiling.
Elliot-wise, the chart reads to be forming a third component of the downward corrective wave.
Because the price actions respect Gann Fan (deep green), we could again find support on one of them- 8/1 - or around 18500-18700.
Speculation.
As I analyzed before, bulls could gain momentum for a very short term, in which case we could revisit over 20400 perhaps for a moment.
If the chart breaks 20400, a price over 20900 or higher isn't unlikely. But it would be until the massive short orders are filled - before long.
Trade fechado: objetivo atingido
Target reached.
But expect another dump.
Nota
Update:Gann Fan 2/1 would likely be the next resistance around 23500.
Press the right-scroll button on the above chart.
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