Profit takings time! Yes, now that everyone is bullish!
My spidey-sense smells that we've run out of stamina briefly in this bullrun, and watching the biggest timeframes now might be a bull trap due to divergences in 4h chart. I've elongated downwardws my red forecast arrow from April 19th prediction (www.tradingview.com/...ess-bold-prediction/) because in the bigger scheme of things, we've shot all the way to 50% retracement of the falling wedge (left, bright white Fib) too soon; so a heavy retest of it's 23.60% level is feasible. Also, my channels plotted last 3 weeks have been spot-on so hell... why not trust my analysis memelines again?
The most recent yellow channel (and it's 100% yellow Fibs) carried us to this 50% retest of the wedge, the bottom of the channel aligns beautifully with my hypothetical 23.60% "heavy retest" of this market reversal; it also aligns with a 50% retest of the yellow Fibs (more than feasible) and the 61.80% dim white Fibs in the right from last week's ceilings.
The main reason I think if there's a correction, it will be steeper than I previously thought, is because of this MACD and Stochastic levels:
I'm more than ready to give my stop-loss if the market decides to rather go the way of the green arrow to the top and fulfill the full falling wedge breakout targets. That'd be just more opportunities to short it with better price! And of course, I'll be watching closely the indicators when we get around the classic "overextended retracement retest" zone (from the 127.20-141.40 percentiles to the 100% of last week's ceilings) of the right dim white Fib; which would suppose a 38.20% retest in the leftmost "bigger scheme of things" bright white Fib. Yeah, I know... Read it slowly again, it makes sense, I promise! :D
Watch my ideas posted last 2 weeks to fully understand the bigger picture and why I'm saying these things, don't just zoom out on this chart.
Good luck fellow traders! and for dollar users: just multiply Eur by roughly x1,23 and those are the targets translated to USD.
The most recent yellow channel (and it's 100% yellow Fibs) carried us to this 50% retest of the wedge, the bottom of the channel aligns beautifully with my hypothetical 23.60% "heavy retest" of this market reversal; it also aligns with a 50% retest of the yellow Fibs (more than feasible) and the 61.80% dim white Fibs in the right from last week's ceilings.
The main reason I think if there's a correction, it will be steeper than I previously thought, is because of this MACD and Stochastic levels:
I'm more than ready to give my stop-loss if the market decides to rather go the way of the green arrow to the top and fulfill the full falling wedge breakout targets. That'd be just more opportunities to short it with better price! And of course, I'll be watching closely the indicators when we get around the classic "overextended retracement retest" zone (from the 127.20-141.40 percentiles to the 100% of last week's ceilings) of the right dim white Fib; which would suppose a 38.20% retest in the leftmost "bigger scheme of things" bright white Fib. Yeah, I know... Read it slowly again, it makes sense, I promise! :D
Watch my ideas posted last 2 weeks to fully understand the bigger picture and why I'm saying these things, don't just zoom out on this chart.
Good luck fellow traders! and for dollar users: just multiply Eur by roughly x1,23 and those are the targets translated to USD.
Comment:
also relevant: two daily doji candles with long wicks after shooting up through both 50EMA and 200EMA shows a lot of indecision in the market. We'll see where the daily candle closes, but for now Stochastic is in the heavy overbought and showing bearish divergence signaling a steep correction is feasible
Comment:
the only thing that makes me struggle to short is daily RSI, there's plenty of room to grow up and that's why I set a stop-loss in case the market goes crazy and shoots up to 8k levels. There's room for both directions in the trend channel we formed, and I don't own a crystal ball so might aswell be careful and set a sensible stop-loss order in case I'm blatantly wrong and everyone and their plumber trust Ichimokus to trade!
Trade closed: stop reached:
abort mission: stop loss reached, bulls in full swing!