Simple bearish scenario if there are signs of weakness near the blue rectangle zone. All rectangles are potential support and resistance levels projected in time, so I will keep my visions open for any scenario including a comeback, despite the fact that the whole project has been developed in a highly bearish mood setup.
The main and initial test of the project would be this incoming blue rectangle zone where things could get interesting if the estimations are accurate or at least indicative of potential scenarios.
The first and last pink zones are of interest of me in the bearish setup regardless of the fact that the last one is so far that it doesn't even seem plausible from this angle. Taking this into consideration I might attempt to add on to the project as we go along further down the rabbit hole of time with incoming updates/comments and potential analysis/estimations.
The main and initial test of the project would be this incoming blue rectangle zone where things could get interesting if the estimations are accurate or at least indicative of potential scenarios.
The first and last pink zones are of interest of me in the bearish setup regardless of the fact that the last one is so far that it doesn't even seem plausible from this angle. Taking this into consideration I might attempt to add on to the project as we go along further down the rabbit hole of time with incoming updates/comments and potential analysis/estimations.
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I wouldn't jump to say that resistance has been met at the blue yet, but the plot thickens a little bit with this stop right under it. My preferred scenario is another attempt for a high met with resistance and bearish pressure, but will let the market dictate its tempo and tendencies. For any big bearish scenario a big drop in the span of a trading day is required to signal the potential waterfall. Flexibility dictates that if such a scenario does occur, all elements can provide or even a turnaround setup, so a cautious approach is advised.
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Weakness confirmed, but not confident in a complete powerful bearish push below. Lower lows could come though.
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Not quite at 58$ yet, but the overall concept of the big blue zone proved to be somewhat effective.
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Looks to be doing a roundabout on the small pink rectangle. Could even go back to the blue, even though I wouldn't actually jump in for a long in this position.