Hello traders and investors!
It's time to update the forecast. During the last review (22.03.2024), we observed a short vector 5-6 in the sideways trend on the daily timeframe. The target of the long vector 6-7 was 3722 (see the chart from the last review). Currently, the long vector 6-7 has reached this target. At the top, there is a seller's zone with a lower boundary of 3722 (red background). So far, we haven't seen any reaction from the seller in this zone.
It is advisable to look for sales at the upper boundary of the sideways trend. However, for short positions, the first threat is the buyer's zone (blue color) with an upper boundary of 3505, which formed on the daily timeframe. There is a high probability that the buyer will reach the level of 3822.
On the hourly timeframe, a sideways trend has formed with boundaries of 3727 and 3665. I am waiting for the price to interact with these boundaries. We can look for a trade opportunity based on the protection of these boundaries.
For a more detailed explanation of how to read charts and consider different timeframes when looking for trades, you can refer to the article
It's time to update the forecast. During the last review (22.03.2024), we observed a short vector 5-6 in the sideways trend on the daily timeframe. The target of the long vector 6-7 was 3722 (see the chart from the last review). Currently, the long vector 6-7 has reached this target. At the top, there is a seller's zone with a lower boundary of 3722 (red background). So far, we haven't seen any reaction from the seller in this zone.
It is advisable to look for sales at the upper boundary of the sideways trend. However, for short positions, the first threat is the buyer's zone (blue color) with an upper boundary of 3505, which formed on the daily timeframe. There is a high probability that the buyer will reach the level of 3822.
On the hourly timeframe, a sideways trend has formed with boundaries of 3727 and 3665. I am waiting for the price to interact with these boundaries. We can look for a trade opportunity based on the protection of these boundaries.
For a more detailed explanation of how to read charts and consider different timeframes when looking for trades, you can refer to the article
Good luck with your trading!
