This week so far, other than Monday where a strong breakout drove prices toward the 4,700 level, the moves afterwards have largely followed a rhythm of adjustment and correction.
On Tuesday, prices pushed higher and broke above, then an abrupt drop appeared: after surging high, they fell; after dropping, they rose—back and forth repeatedly.
On Wednesday, the pattern was similar. During the daytime, a second confirmation of the 4,670 area as resistance triggered a choppy decline. In the evening session, pressure around 4,640 pushed prices further lower, and before midnight prices broke below 4,600 and slid further to 4,583.
Now it’s Thursday. Today’s task is extremely important. The process is still in an adjustment/correction phase, but it needs to end as soon as possible; otherwise, it’s easy to lose momentum. After that, it won’t be as easy to make another sprint higher.
On Tuesday, prices pushed higher and broke above, then an abrupt drop appeared: after surging high, they fell; after dropping, they rose—back and forth repeatedly.
On Wednesday, the pattern was similar. During the daytime, a second confirmation of the 4,670 area as resistance triggered a choppy decline. In the evening session, pressure around 4,640 pushed prices further lower, and before midnight prices broke below 4,600 and slid further to 4,583.
Now it’s Thursday. Today’s task is extremely important. The process is still in an adjustment/correction phase, but it needs to end as soon as possible; otherwise, it’s easy to lose momentum. After that, it won’t be as easy to make another sprint higher.
