As I said in my update, we got a swing failure pattern at 52k and could expect a move to the lows of the range should some levels be lost.
After the SFP we got a constant decline without any bounce really to where we are now (lows of the range)
As you can see, we have this channel which was formed between the 16th of November and the 3rd of December before the big drop, and was still respected very nicely after the drop as you can see by all the touches on my chart.
Now, we have back tested the lows of this channel, which are also in confluence with the VAL of this range, and got a nice bounce.
If we lose the VAL, we have the daily below it at 56.1k.
If we then lose the lows of this range (45.5-46k) we can expect a move below 42k (1st target will be 39.5k)
If we move back to the highs of this range (52k) and break it, we can expect a move to 57-58k as mentioned in my last 2 ideas.
For now of course as always, as we are still in a range just look for shorts at the highs and longs at the lows, no reason to be bullish or bearish.
Trade the range until it breaks.
Any questions?
Good luck traders
Remember not to break your rules
Habib
After the SFP we got a constant decline without any bounce really to where we are now (lows of the range)
As you can see, we have this channel which was formed between the 16th of November and the 3rd of December before the big drop, and was still respected very nicely after the drop as you can see by all the touches on my chart.
Now, we have back tested the lows of this channel, which are also in confluence with the VAL of this range, and got a nice bounce.
If we lose the VAL, we have the daily below it at 56.1k.
If we then lose the lows of this range (45.5-46k) we can expect a move below 42k (1st target will be 39.5k)
If we move back to the highs of this range (52k) and break it, we can expect a move to 57-58k as mentioned in my last 2 ideas.
For now of course as always, as we are still in a range just look for shorts at the highs and longs at the lows, no reason to be bullish or bearish.
Trade the range until it breaks.
Any questions?
Good luck traders
Remember not to break your rules
Habib
