Weekly chart:
In the big picture, the price is in an intact downtrend and has broken off the last movement there. Currently, the price is heading back in the direction of the correction zone. However, as long as the closing price cannot overcome this red zone, the downtrend will remain intact.
Daily chart:
In the daily chart we can see the same trend. Here it looks a little more obviously like a bottom formation. But here, too, the downtrend will remain intact so long as the red correction zone cannot be exited in an upward direction. As soon as the price shifts back downward, new short chances will become available.
Hourly chart:
The rise in the daily chart led to an uptrend in the hourly chart. This is currently in a movement and could continue on after the next correction. This remains true as long as the green correction zone is not exited downwards. The gap in the correction zone should not be disregarded. Gaps such as these usually magically attract the market prices.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.