Higher Timeframe Analysis and Predictions
Price has found support at a level last seen around December of 2016, seen in the first image of the Monthly timeframe. This point seems to be where the Head & Shoulders pattern started, which may in itself be the Head of a larger H&S.
The second image, of the H4 timeframe, shows the possibility for an Inverse Head & Shoulders at the Supportive levels, with the result being a climb in price towards the Weekly and Monthly moving averages and an area of Role Reversal at the level of the GZ.
Tomorrow we may see interaction with the Daily moving average and strong Resistance at the D1 EQZ (10808) and 10800 levels.
MN
H4
Trading into the H1 EQZ level felt risky and so I backed away from entering here. A confluence of two Fib levels here at Yes. High with clear Role Reversal level, after finding Support at the H1 Bull Channel.
Another 5min MAB, where price did not quite touch the 5min ema before changing direction.
I was wary of trading back up into the 15min ema, however the 15min MAB had no confluence with any Fib levels and price looked to be moving back up to the D1 Channels and EQZ.
Had the 5min ema been inside the GZ I think I would have entered this trade, with the 2R level just below the 15min ema just incase the moving average turned price around.
A perfect 1min MAB at the 61.8 Fib level.
The Higher High of this move was at the 61.8 Fib level of a Bearish ABC, so I was wary of price moving back down to Yesterday’s Low and the 10423 key level and did not enter this trade.
Price was looking bearish after interaction with the D1 EQZ and D1 Bull and Bear Channel, so I was looking for a sell trade.
I passed on the lower probability 1min MAB, waiting for the 5min MAB at the GZ. The trade tool was set up as shown, but price did not quite move high enough to touch the 5min ema, where I was looking for Entry, and so no trade was taken.