Weekly chart:
The big picture is in a very young downtrend. After the most recent low at $92, the price increased up to the lower edge of the current correction zone. The price rebounded there and started a new movement, but was unable to continue its trend. Following this, the price ricocheted at $92 – the last point two – and shot directly up once again. This behavior can mean that change is in the air. However, the short-term probabilities are on the upper side.
Daily chart:
The last upwards move that we were able to observe in the big picture can be see here in the daily chart. This means that we see a valid uptrend here, and the price is very close to breaking through the last point two at $110.55. If this happens, we will have a trend continuation. But this is not the kind of situation we are looking for, since the price has already moved too far away.
Hourly chart:
Unfortunately, we can see a very mature trend here. The last move was the seventh movement, and the current correction is the eighth one. This could signify that a trend break is not that far away. A break may occur if we get a close below the green correction zone. This will take a little while but is highly likely.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Trader asset management
BORN STAHLBERG & Partner
AgenaTrader Trading Software
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