AJ to 77.500, then back down to 74.350

20 May 2019

We are on an overall downtrend with AJ, however, after 4 weeks of strong bearish momentum, I believe bullish a correction will now come into play. Looking at the daily time frame, 3 noticeable wicks to the downside have been created on the past 3 days, showing a strong support for that zone. It is also a significant area of support, lining up with the body of the flash crash candle back in January. I believe that it can go up to 77.500, an area of support, which will turn into resistance confirming the continuation of the downtrend. Will wait for a break, retest, and continuation of the upper channel to confirm.