Weekly chart:
In the big picture we have a valid downtrend. The current correction zone goes from 2034 points to 2126 points. The last high was formed in precisely this correction zone at 2110 points. So far, the price has been unable to move further upwards, but is instead slipping further and further down and with this, seems to be resuming its movement in the direction of the trend once more.
Daily chart:
In the daily chart we can see the same trend. In this trend size it is even clearer to see that the price was unable to overcome this red zone and carry on upwards. After the weak day yesterday, the movement seems to be proceeding downwards once more here, too.
Hourly chart:
After the return of the last two days, a nice downtrend has been established in the hourly chart. The last correction was only very weakly defined, meaning that a continuation of the trend is very probable for today, too.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Sales partner AgenaTrader / TradeEscort
AgenaTrader Trading Software
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