Technical:
Weekly Fib
4hr Fib
4hr Descending Channel
4hr Double Bottom
200ema as ceiling
Buy Entry:
Descending channel broken on 4hr
Break and close above both 23.6% fib levels
Close above 200 4hr EMA
Confirmation of double bottom if price breaks previous lower high @ 11,200.
Target 61.8% 4hr fib for around 500 points
Sell Entry:
Close back below both 23.6% Fib levels
This will also confirm structure with another lower high
4hr channel holding
Targets - -23.6% fib on 4hr as well as the 800 4hr EMA for around 600 points.
Weekly Fib
4hr Fib
4hr Descending Channel
4hr Double Bottom
200ema as ceiling
Buy Entry:
Descending channel broken on 4hr
Break and close above both 23.6% fib levels
Close above 200 4hr EMA
Confirmation of double bottom if price breaks previous lower high @ 11,200.
Target 61.8% 4hr fib for around 500 points
Sell Entry:
Close back below both 23.6% Fib levels
This will also confirm structure with another lower high
4hr channel holding
Targets - -23.6% fib on 4hr as well as the 800 4hr EMA for around 600 points.
