In my weekly update I mentioned that “The Monthly, Weekly and Daily candles are aligned in a way that if any of them are closed below the November low – 1767.20 – during the next week, a further, possibly a multi-month downtrend would be confirmed. The closure on Friday – the end of week and month – would definitely be crucial.”
The last three days did not change the perspective. The 20 EMA continues to serve as a strong resistance and we are yet to see it’s broken upwards.
The Death Cross of the daily 100 MA below 200 MA that happened last week seems to be playing its role. The last time it happened in the middle of 2018.
There are two more trading days before the weekly and February monthly candles are printed. If they close below 1767.20, I would expect at least one more month of lower prices. The possible targets are on the chart in the red rectangle.