Target 7.7k
Comment:
We've now entered our area of interest. The pattern is validated on re-nentry of the triangle and it is only this area you would begin to short. You should expect a 3 wave decline in the form of an ABC correction.
Trade active:
Trade Active. Need to see a new low before adding. It's also a possibility the bulls attempt a new high and so for this reason we must wait to build the position further.
We would like to see support at 8.6k taken out then turned resistance for the B leg which is where one might get aggressive with their position.
We would like to see support at 8.6k taken out then turned resistance for the B leg which is where one might get aggressive with their position.
Comment:
I think it's fair to say the top is in.
Got that second push higher after all.
Got that second push higher after all.
Comment:
I've taken 50% off my shorts, with the indicators being so low and the LTF showing bullish divergence this could very easily attempt a bounce back into the highs. I'll let the other 50% run with the possibility of adding higher.
Comment:
We Got that move up which is why I covered 50% now the question is, is this the top and we head back to 7.7k or do we continue higher? If we see a continuation pattern form up here it's probably an indication of higher.
Comment:
So far booked 1/2 shorts at 8.4k booked half position from the long at 8.4k to 8.9k and have added shorts at the top of 8.9k.
Comment:
On a side note I would be cautious up here getting overly bullish. If we really are in the early stages of a new bull market then there is plenty of time to ride the trend. We have seen price action before similar to what we are seeing now. Price breaks the wedge funnels back to the top consolidates and breaks a new high before continuing down. If this is a new bull trend let the 4hr and daily indicators rest themselves after a pullback before joining.
Trade closed: stop reached:
Apologies for the lack of updates been busy with my trading. This chart is finished however here is a quick update with what I think is likely to happen. I think the absolute best entry for a long is near 8.6k. 0.38% fib which means a shallow pullback = bullish, monthly pivot in red, just above 21Wma and bottom of fork which has been tested and held.