Are you on guard for any unexpected?
The difficulty for the price to penetrate the first resistance level at 28102.3 and the price slowing down as it approaches that makes it difficult to see resistance levels at 30173.5 and 31786.3. Therefore, it seems that we may close this month and next month below these levels and not above them.
As for those who expect the price to decline, I think the reason for doing so is that if the price does not break the resistance level, it may test the support level at 24877.1, and if this happens, it is most likely that we will decline to the 22100 in the worst of circumstances, at least based on the current circumstances, so what will happen is not a big change. In case of a rise or correction.
If am correct this is a bearish wedge chart pattern as shown here and going by the analysis there's high percentage possibility that price may go a bit bearish retesting support level before breaking pass resistance going up above 27600.
But what we down know is how much time will it take for all of this to happen, and what if the price break pass the support level 22100 and support turns to resistance as we enter October.
Meanwhile with the repulsive moves inherent in the market what may not be a significant change for "A" might be a big one for "B" if "B" is a day trader and "A" is just an ardent hodler.
If this is a bearish pattern, it should broke the support level not the resistance. So if ever there's a breakout in an unexpected direction it will lower the probability, just like what we saw in the chart. Instead of breaking the support, it breaks the resistance level.
However, since I'm not using pattern trading this kind of stuff doesn't matter to me. I'm just looking for a setup that harmonized to the trend in the higher time frame.
Example: If the higher time frame is bullish, I will look for a bullish setup in the lower time frame (vice-versa.
Weekly time frame for me was still a bullish, so I will ignore all the bearish setup that I saw in the ltf but look for longs.
