As part of the forecast for October 9, we can expect further price movement within the flat $6,743 - $6,470 and a smooth descent to the upper level of its lower limit at $6,550, at which the price found new support. Until we see an effective attempt to go beyond the current consolidation, movement within a narrowing flat should be considered as a priority. The development of an upward movement is expected after breaking through the flat's upper border, the area of resistance, and the price fixing above $6,840. The goal, in this case, will be growth to $7,100.
Alternative directional downward movement can be considered after the breakdown of the lower border of the flat, the support zone. In this case, we can expect an update of the minimums and a breakthrough of the level of $6,350. The potential target for such a scenario would be $6,145.
As part of the forecast for October 9, we can expect further price movement within the flat $240.00 - $212.00 and a decrease in quotations to the upper level, its lower limit is $220.00, at which the price found new support. While the price is in a constantly narrowing range, it is difficult to predict the possible direction. Do not forget that this consolidation occurs within a wider flat and an upward movement to its upper limit of $255.00 is to be expected after breaking through the upper boundary of the current consolidation. It will be possible to speak about the development of the upward movement only after the breakdown by the price of the $255.00 resistance level. The goal, in this instance, will be growth to $307.00.
An alternative wave of price reduction to the lower border of a wider flat of $203.00 can be expected after a breakdown of the lower boundary of the current consolidation. On the global resumption of the bearish trend can be talked after fixing prices below $192.50. In this case, we can expect a fall to the level of $167.00.
As part of the forecast for October 9, we can expect the continuation of lateral movement within the framework of the established flat. While the boundaries of the flat persist, the development of the next rising wave to its upper boundaries of $0.62800- $0.43630, is considered as a priority. The beginning of the movement may occur from current levels, or after leaving the price slightly lower, to the level of $0.43630.
Cancellation of the development of the ascending correctional wave will be the breakdown of the lower border of the flat $0.43630, after which we can expect a change in the priority price movement for the downward, with the initial goal at $0.35700.
As part of the forecast for October 9, we can expect the continuation of the lateral movement in the framework of the current consolidation of $118.000 - $110.150. It is worth considering that the designated flat zones are the closest and offered exclusively in the framework of the current situation. In fact, at the moment we have several flats nested within the framework of another. The H4 level flat has an approximate border of $122.000 - $107.800. And within the global daily movement, these boundaries are even wider. Therefore, during the breakdown of the upper boundary of this narrow accumulation, we can expect an upward wave to the level of $122.000, where, probably, there will be a stop of movement. And only then to $127.500 - the upper boundary of the global correctional flat of the level D1.
Cancellation of the development of an upward wave will be the breakdown of the lower boundary of the current consolidation at $110.150. After that, we can expect the development of a downward wave to the lower flat border level of H4 $107.800. After the breakdown of this area, further development of the movement down to the border of the global correctional flat of D1 $103.500 is likely.
