On the H4, with RSI being at levels where bounces previously occurred, we can expect bearish continuation from our 1st support at 2599.85 in line horizontal graphical overlap resistance, 61.8% Fibonacci extension and 127.2% Fibonacci extension towards our 1st resistance at 2839.43 in line with horizontal overlap support, 23.6% Fibonacci retracement and 50% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with 161.8% Fibonacci projection and 78.6% Fibonacci extension at 2474.85.

Trading Recommendation

Entry: 2599.85

Reason for Entry:

Horizontal graphical overlap resistance, 61.8% Fibonacci extension and 127.2% Fibonacci extension

Take Profit: 2839.43

Reason for Take Profit:Horizontal overlap support, 23.6% Fibonacci retracement and 50% Fibonacci retracement

Stop Loss: 2474.85

Reason for Stop Loss:161.8% Fibonacci projection and 78.6% Fibonacci extension