Which way: up or down?
My view: Looking at 4 hourly chart;
- still have a falling wedge
- sitting at current level for last 3 hours, indicates indecision and getting ready to drop
- on an "up channel" support (normally doesn't respect a diagonal support but a horizontal support)
- there is support at 140
So we need to decide will it break the "up channel" support and run down to next support; or "up channel" support holds then it goes up. You decide.
My view: Looking at 4 hourly chart;
- still have a falling wedge
- sitting at current level for last 3 hours, indicates indecision and getting ready to drop
- on an "up channel" support (normally doesn't respect a diagonal support but a horizontal support)
- there is support at 140
So we need to decide will it break the "up channel" support and run down to next support; or "up channel" support holds then it goes up. You decide.