Downswing is fully completed, and though it doesn’t have a direct signal for its ending so far, it’s testing the strong support zone 1810.17-1818.32, from where an upward reversal might take place (black trajectory). In case this zone gets broken, the rate apparently will slump under the psychological level 1800.00 in direction of the latest low (1784.73, red arrow).
Local structure has a good bullish inside bar from support 1819.11-1820.94 that may drive to forming of a reversal pattern Over&Under that requires from the buyers passing the closest local high 1827.59. In this case the price will reach PPZ 1833.96-1834.56 (red arrow).
Also we can’t rule out a more massive correction in direction 1845.91-1847.23 (black arrow).
Main scenario: Growth to 1833.96-1834.56 followed by pullback in direction 1820.00.
Alternative scenario: Stronger upward correction in direction 1845.91-1847.23.
Longs to 1833.96-1834.56 and 1845.91-1847.23.
Pending longs from 1820.00.
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