There is a stance of spring on sight by the weekly TF. We witnessed a rise to % 261.8 level after the swing between %161.8 and %127.2. We are expecting to see a drop while the supply pressure exists in the market.
The price is moving inside a bullish equivalent channel on the H4 TF. A reversal will be on sight if the Ab=cd harmonic pattern is formed and its time is fulfilled. We are expecting to have the price dropped to the lower channel line by having the supply pressure in the market.
On the H4 TF, We were observing a reversal after having a harmonic pattern being formed. Currently the price is floating around conversion area as well as downtrend line. A Bullish push will be seen by having the trend line broken around $1220 area.
On the H4 TF, by reaching the price to a resistant level and the harmonic pattern being formed, we are observing a reversal. As long as this level is not broken above there would not be any expectation of a jump by the price and the continuation of the price slump is predicted.
