04-HOUR CHART
(CLICK ON THE CHART TO ENLARGE IT)
Last week´s move was sort of erratic, after the big drop down from major top at 169.00. Prices getting back above 38% fibo of big up move 150.77 to 168.96; MACD fast line turning up and ADX not kicking down with DMI- pointing down and DMI+ pointing up favours a bullish move, at least to 164.45, which is the 62EMA and slightly below paraboli and 23% of same up move at around 164.60.
But then we go to the 04-hour chart and get this question in mind: Is this a double-bottom or a double-top (marked with the white arrows)? It is hard to say now if 169.00 marked the end of this amazing bullish trend or if the recent down move is just a correction, because this double-top on the 04-hour chart is at exactly 38% fibo of this down move 169.96 to 160.40. Right now we have support at 23% fibo of same down move, with a Doji. Also note the Double-top on MACD. Fibonnaci Fan (yellow bearish trend lines line) worked well as support.
So I´d say:
LONG break 163,10 with tight stop at 162.80 and first target 163.60 (38 fibo) and 2nd target around 164.20 (fibonacci fan)
