So we have broken out of the Sym triangle as hoped for. Unfortunately we posted a very nasty 4hour rejection candle soon after reaching the 7150 region.
The previously planned for retest is currently occurring as we speak, we have come back down to the red dashed resistance turned support and now we are currently attempting to break back up. The real key level now is breaking the top of the 4hour rejection candle. If we can then I would plan for further upside with the ultimate target around 8100.
Of course that's not saying it will happen, but if you're trading long that's your ideal future.
Now of course if the next push up fails again and we close back below the sym triangle upper structure, then it's bad news bear. Big possibility of falling back down to the lower structure of the triangle.
As always let's wait and see.
The previously planned for retest is currently occurring as we speak, we have come back down to the red dashed resistance turned support and now we are currently attempting to break back up. The real key level now is breaking the top of the 4hour rejection candle. If we can then I would plan for further upside with the ultimate target around 8100.
Of course that's not saying it will happen, but if you're trading long that's your ideal future.
Now of course if the next push up fails again and we close back below the sym triangle upper structure, then it's bad news bear. Big possibility of falling back down to the lower structure of the triangle.
As always let's wait and see.