Daily chart:
Price is in a correction since making a top at 1346. After finding support at 1281, price bounced back to 1311. However, that bounce looks like a bear flag that once breaks down will push price to a lower low than 1281.
Technical picture indicates:
– A bear flag
– Lower lows and lower highs
– MACD posture is bearish
– RSI not yet oversold
Downtrend may continue to daily support at 1270-75 or 1255-1260. Assumption invalid if price gets above 1330.
4-hour chart:
As Elliot Wave suggests downtrend appears in 5 waves 1-2-3-4-5. As shown in the chart, wave 4 could be a recent bounce from 1281 to 1311. That wave 4 looks like a bear flag and price already breaks down from that channel. However, price finds minor support at 1292 and may bounce back to test the channel at 1300-1305.
– MACD posture is bearish
– RSI is neutral to bearish and not yet oversold.
If price tests 1300-1305 and can’t get up into that channel, it will get back down to make a wave 5 down to support at 1275. Assumption invalid if price gets above 1311