Wall Street Index Chart Analysis

  • Taking a look at the Wall Street Index, we can see that price has been in a wide consolidation for the past month, being unable to breakout of the 25000 psychological resistance level as well as respecting the strong 78.6% Fibonacci retracement support level.

  • In the coming week or so, we are expecting more volatility as price will likely breakout of the triangle formation. If price was to open or close below the bottom  trendline, we can expecting a big downswing, towards the first T/P level at the 61.8% Fibonacci level (1st green arrow) and possibly towards the second T/P level at the 38.2% Fibonacci level (2nd green arrow).

  • If however, price opens or closes above the top trendline, we will then expect price to move towards the 25000 psychological resistance level before further consolidation ahead.

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