After our last sell of we saw the price move through a well respected descending channel.
Judging by the bullish movement on the Stochastic RSI.
The bull cross on the TRIX
As well as the bullish curls on the directional indicators
To me says we could see a possible fib extension to the 0.382 level or ~7459 near the bottom of the Kumo.
Although the Kijun and Tenkan are acting as resistance their sideways movement indicates they will not be acting as very strong resistance.
I would wait for a break to the upside of the descending channel before confirmation is made.
Judging by the bullish movement on the Stochastic RSI.
The bull cross on the TRIX
As well as the bullish curls on the directional indicators
To me says we could see a possible fib extension to the 0.382 level or ~7459 near the bottom of the Kumo.
Although the Kijun and Tenkan are acting as resistance their sideways movement indicates they will not be acting as very strong resistance.
I would wait for a break to the upside of the descending channel before confirmation is made.
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