After an extended run on the Daily chart, since July of last year, we are seeing a break to the downside in GC1!.
After a blow-off top and sharp reversal, the Directional Wave began contracting against the backdrop of prices temporarily grinding higher. We saw a Bearish Warning signal, Bearish Acceleration and the Directional Wave entering the Bear Zone before finally seeing the Bias flip to Bearish.
The question remains, will the medium-term support at the $4,170 level hold until the contract rolls at the end of the month? Or do we blow through it and see a much deeper correction?
After a blow-off top and sharp reversal, the Directional Wave began contracting against the backdrop of prices temporarily grinding higher. We saw a Bearish Warning signal, Bearish Acceleration and the Directional Wave entering the Bear Zone before finally seeing the Bias flip to Bearish.
The question remains, will the medium-term support at the $4,170 level hold until the contract rolls at the end of the month? Or do we blow through it and see a much deeper correction?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.