With CPI print in the states coming out either tonight or tomorrow night, I have taken the time to review the chart to try get an understanding of a possible outlook for next week. This is looking at a 3 hourly interval.
For next week I am watching a possible head and shoulders pattern play out that could take us to areas of support. At the moment buyers are being met with sellers at around 35c, This can also be seen on Depth with that area holding the most sellers. I have also noticed a steady increase in the amount of sellers in queue, going from at its lowest around the end of last week at about 270,000 to now at 530,000. To break through that we will definitely need to see an increase in volume at those key levels of 35c.
With that being said as we possibly reach the end of wave 5 in a minor move of a much larger move up key supports for a (abc) correction are 30.5c, 29c and maybe even 28c, where if that would be the case I would most certainly be jumping in at and I can only assume most others would too.
Now as always this is the way I am viewing it as I see it, and could be completely wrong next week with the chart making another higher low and moving back up through 35c, time will tell. I just try and chart pullbacks to be able to accumulate at lowest possible levels on the way up.
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