crazy ooking chart pattern, page-9

Just been discussing the WEB Chart with a mate, and noticed this thread title.

here is most of the (long winded) discussion with the associated charts....

If you don't like charts and chart talk, best to exit now.....



Firstly, we looked at the weekly, and marked the previous pivot
(which was a good one, lots of volume and it had provided a level of support for some time).
However, it also showed that last week it brokedown again, with decent volume (this could still be a reversal or shakeout, but looks a bit vulnerable at this point in time)

Then we took a wider view, still on the weekly
Which shows it attempting to support adjacent to a previous congestion zone.
but that possible breakdown, is still playing on my mind........

so where might it go if there is going to be another leg down ??
I kept looking for another possible strong pivot level that might be good for support, and found a possible candidate,

OK, flip to the daily & put those levels in.....
First thing I see is the rejection off of the 2.50 level recently, and today's bar couldn't hold the previous low, which is a worry.

The previous breakdown and resistance - daily chart

Pan out now on the daily, and have a look at where else it might find support,
there are a few minor levels where it might jiggle around for a while
and a decent couple around 2.00 that might be a candidate (which is also right in that congestion zone - marked)
but if they fail that ~1.82 looks fairly strong (and if you have a closer look, price has gapped it a couple of times as well, which is a good sign)

Overall, it could still hold here and form a reversal on the weekly, which would be potentially bullish
however, the rejection (on volume) of the 2.50, and the daily break of the recent pivot today, suggest support is a bit tenuous right now, and it might breakdown a bit more.

We'll see hey...

cheers