Analysis method - “Gann Swings + Price Action”
July 11, 2018
Daily chart: Downswing, supposedly, is aimed at support zone 400.00-401.00. Stop or reversal signals were not formed yet.
H1: Within local structure bulls are in one step before upward reversal of the trend, for what they have to break the high 438.04, that would form O&U pattern with buy entry zone 423.15 (last but one low, watch the red arrow trajectory).
Main scenario: Growth above 438.04, then pullback in direction 423.15 and new swing to the upside. Such scenario hardly will be performed within one trading day.
Alternative scenario: In case of failure to go above 428.15 - further quotes’ slope in direction 400.00.
Longs from level 423.15 (in case of main scenario development).
Shorts from current levels (if alternative scenario runs).