Despite the falling prices yesterday and today, I am still bullish. The main reason is that the wave pattern that formed recently is a very common pattern for wave 2 (flat ABC pattern). I believe we are toward the end of wave 2 and wave 3 should take us to higher prices (take a look at the chart - ABC in green). The small yellow inverse H&S pattern is not valid anymore (So I removed it) but the big green one is still valid.
I would changed my mind and be bearish if it closed below the yellow line (the upper line for the previous downtrend) which acts like support now.
Please note that this is not an advice to buy or sell.
Appreciate your comments
I would changed my mind and be bearish if it closed below the yellow line (the upper line for the previous downtrend) which acts like support now.
Please note that this is not an advice to buy or sell.
Appreciate your comments
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this is the updated chart with the new waves
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OK. this time should work
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I can't convince myself anymore that prices are going up (only maybe when today's candle closes bullish to create a hammer, but this is unlikely). Prices will likely rise for corrections which should be a good shorting opportunities. Where is the price going? 5-6K maybe lower to 1K.
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So, the day ended with a weak bullish pin bar. This is the last chance for the bulls to take the price up.
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Call me crazy or emotional or whatever, but there is still a chance that it will follow the wave 3 scenario and go up instead of the wave 5 scenario (going down).