Looks like we're about to decide of the fate of the market for the next few weeks. It is very apparent based on all the other published analysis that there's alot of indecision in the market.
Here are some points to take -
Macro
1. Macro Trend - Still Bullish
2. EW - Wave pattern is mature, we are in the second leg of the retracement (conclusion).
3. Macro Oscillators have returned to neutral readings (consolidation)
Present 4hr
Bullish Signals
1. We've been in consolidation for a few months now. Structure is narrowing with higher lows as well as lower highs.
2. We've had over 5 attempts to break the bottom of the support trendline with no success from the bears (yet?).
3. Rounding bottom on the lows
4. Oscillators identifying weakening sell pressure (could be a result of consolidation).
Bearish Signals
1. Bearish Engulfing on the local consolidation break to the upside.
2. Bearish Flag on the daily candles
3. Daily MACD still bearish
4. By analyzing price movement. You can see that bears do not take much convincing to spark a selloff, while bulls needs more confirmations before gaining confidence to pursue a rally.
Recommended Trade:
Conditional
1) Wait for a break of 9850 USD for a short; TP1 low 9ks. TP2 8.5k. SL 10.1
2. Wait for a break to the upside past 10450 (4hr needs to close above) TP 11k SL 10.1
Here are some points to take -
Macro
1. Macro Trend - Still Bullish
2. EW - Wave pattern is mature, we are in the second leg of the retracement (conclusion).
3. Macro Oscillators have returned to neutral readings (consolidation)
Present 4hr
Bullish Signals
1. We've been in consolidation for a few months now. Structure is narrowing with higher lows as well as lower highs.
2. We've had over 5 attempts to break the bottom of the support trendline with no success from the bears (yet?).
3. Rounding bottom on the lows
4. Oscillators identifying weakening sell pressure (could be a result of consolidation).
Bearish Signals
1. Bearish Engulfing on the local consolidation break to the upside.
2. Bearish Flag on the daily candles
3. Daily MACD still bearish
4. By analyzing price movement. You can see that bears do not take much convincing to spark a selloff, while bulls needs more confirmations before gaining confidence to pursue a rally.
Recommended Trade:
Conditional
1) Wait for a break of 9850 USD for a short; TP1 low 9ks. TP2 8.5k. SL 10.1
2. Wait for a break to the upside past 10450 (4hr needs to close above) TP 11k SL 10.1