ESP35 Wave Analysis 17 November, 2020

• ESP35 reversed from resistance level 8000.00

• Likely to fall to 7650.00

ESP35 recently reversed down from the round resistance level 8000.00 (which stopped the previous medium-term impulse wave (A) at the start of June) – standing close to the upper daily Bollinger Band.

The downward reversal from the resistance level 8000.00 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the overbought daily Stochastic – ESP35 is likely to fall further toward the next support level 7650.00 (former resistance form July and low of the previous wave (b)).