H4 : Last long black candle triggered a BEARISH ENGULFING PATTERN,
with a closing level below MBB, TS and KS !!!
Moreover, for the first time the closing level of this time frame was
also below the tactical uptrend support line.
In addition, technical indicators do not show recovery signal (s) yet.
Watch H1 price action for validation or invalidation of this ongoing bearish
price action calling for lower levels towards the clouds support first.
Interesting to note that the former congestion support zone seen between
Feb 10th and 17th (49326-46872) coincides with respectively the 61.8% and 78.6 %
Fibonacci retracements.
Watch very carefully price action around the clouds as a breakout of that area would
likely trigger a strong sharp selloff !!!
with a closing level below MBB, TS and KS !!!
Moreover, for the first time the closing level of this time frame was
also below the tactical uptrend support line.
In addition, technical indicators do not show recovery signal (s) yet.
Watch H1 price action for validation or invalidation of this ongoing bearish
price action calling for lower levels towards the clouds support first.
Interesting to note that the former congestion support zone seen between
Feb 10th and 17th (49326-46872) coincides with respectively the 61.8% and 78.6 %
Fibonacci retracements.
Watch very carefully price action around the clouds as a breakout of that area would
likely trigger a strong sharp selloff !!!
