In my last update I talked about how I don't expect the weekly at 31.7k to hold.
We lost it, back tested it as resistance, and continued our move down.
Now we are at our next support level (27.7k) which I also don't expect to hold on the medium term at least
Just like I mentioned last time we could get a bounce before moving lower.
My eyes are still on the 22-24k area that I mentioned in my Elliott wave count (link below)
We will have to see what kind of reactions we get in this area, but I will update you when needed anyway.
Like I always say, and please remember this every time you take a trade:
Long support, short resistance. Not the other way around
And wait for reactions before taking a trade, don't blindly follow levels.
So of course no shorts to be had here, even if we expect lower
All the resistance levels we rejected from were given when we were higher.
That's just my opinion though, not financial advice. You do whatever you want, I'm just trying to help.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We lost it, back tested it as resistance, and continued our move down.
Now we are at our next support level (27.7k) which I also don't expect to hold on the medium term at least
Just like I mentioned last time we could get a bounce before moving lower.
My eyes are still on the 22-24k area that I mentioned in my Elliott wave count (link below)
We will have to see what kind of reactions we get in this area, but I will update you when needed anyway.
Like I always say, and please remember this every time you take a trade:
Long support, short resistance. Not the other way around
And wait for reactions before taking a trade, don't blindly follow levels.
So of course no shorts to be had here, even if we expect lower
All the resistance levels we rejected from were given when we were higher.
That's just my opinion though, not financial advice. You do whatever you want, I'm just trying to help.
Any questions?
Good luck traders
Remember not to break your rules
Habib
