@dyp...I'm not sure thats a correct view,4.55 area is also support .
lets think this thru. That 4.63 point, what was resistance then becomes support,but doesnt hold on the first test..ok, it would have been more bullish on intraday price action IF the 4.60 step would hold.,but if it doesnt there are other steps in the support zone....even back down to the key 4.30 step, and even the 4.20 "left shoulder" support. do you see that on the chart....that left shoulder at 4.20. I might get a bit worried if/when that point would get tested,thats the swing pattern at risk there. but for the current support,as a zone, the whole area from 4.60-4.30 area,I can see that as one chunk of a price zone. Its like seeing the resistance zone in the rally, that centers around the key 4.80 area,includes 4.70-4.90 and the 5 dollar area where the 50ma is.... so that anywhere in That zone resistance can kick in, and thats what we saw, first a capping at 4.70, then 4.83, its ok to see the whole zone as one price action block. now the support zone, as a block, I'm watching 4.60-4.25 where price might fall below 4.60, but could easily hold at 4.50, it might bounce around back to test 4.67 and fall again to the 4.45 step, etc...and in the whole zig zag churning, some bright MM's might see their HFT supercomputer set up a falling knife that plunges to hit 4.33 and thats where the sharp trader might catch the knife if that happens,its all in the target zone on the current playing field.
Thats my swing pattern outlook here. BUT if I was intraday trading, then ,yes, watching the 4.63 support fail would be a bearish energy to watch out for now. it might generate the stepping stairs down for a retest of the 4.30/4.20 shoulder zone. Theres no guarantee that 4.20 will hold either, if there is a strong magnet target at 4 dollars, and the Manipulaators have the time to take it down there.
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