We've been riding this descending wedge (reversal) pattern for the past 24 hours or so almost perfectly, which should culminate in a breakout (hopefully) to the upside as we near the end of this Elliot Impulse Wave (12345).
"Mr. Ichimoko" still says we're still in a downward/bearish trend, which impels me to follow the KS (red line) indicator and be very cautious with any longs (scalping only at this stage).
MACD is certainly improving on the 1HR and 4HR timeframes. However, the Daily MACD is still looking awful, which suggests this has a ways to go down before we get bullish again.
I'm cautiously optimistic that we will soon be able to break past resistance at 10.2K, as the bulls definitely seem to want to push this higher.
That said, I think we drop back down at or slightly below 9K. I'm still patiently waiting to go long(er) when we drop to my ideal buy zone @ 8,800-ish.
In the meantime, I'm watching the trend closely, and have cash on the sidelines that I can deploy to play these ranges or go all-in if we breakout sooner than anticipated.
As a reminder, I'm a newbie to TA so please take my comments with a grain of salt and do what your gut tells you from here on out.
This is not trading advice, just my real-time thoughts.
"Mr. Ichimoko" still says we're still in a downward/bearish trend, which impels me to follow the KS (red line) indicator and be very cautious with any longs (scalping only at this stage).
MACD is certainly improving on the 1HR and 4HR timeframes. However, the Daily MACD is still looking awful, which suggests this has a ways to go down before we get bullish again.
I'm cautiously optimistic that we will soon be able to break past resistance at 10.2K, as the bulls definitely seem to want to push this higher.
That said, I think we drop back down at or slightly below 9K. I'm still patiently waiting to go long(er) when we drop to my ideal buy zone @ 8,800-ish.
In the meantime, I'm watching the trend closely, and have cash on the sidelines that I can deploy to play these ranges or go all-in if we breakout sooner than anticipated.
As a reminder, I'm a newbie to TA so please take my comments with a grain of salt and do what your gut tells you from here on out.
This is not trading advice, just my real-time thoughts.
