Everything going as planned from the post I made a few weeks back showing the bearish symmetrical triangle. So how do we get out of this one. So far I am seeing two scenarios, one is going down to $5500, and bounce to 6k, then go down forming an inverse head and shoulders and break out of 6200 and forward. The other, most likely scenario is still bouncing at 5500 to 6k, then down to 5k and then big bounce from there. Both situations making an inverse head and shoulders pattern.
There are good traders expecting a 4500 bottom and while we can get that low, there WILL be a bounce at 5500 and 5k. So it's worth playing those bounces out. I will raise my stop loss above my buying price and worst comes to worst I can lock in a small gain each time.
Whatever happens, all the shorts that didn't cover will get squeezed out at 6300 which is a key level to watch if we can get past it.
There are good traders expecting a 4500 bottom and while we can get that low, there WILL be a bounce at 5500 and 5k. So it's worth playing those bounces out. I will raise my stop loss above my buying price and worst comes to worst I can lock in a small gain each time.
Whatever happens, all the shorts that didn't cover will get squeezed out at 6300 which is a key level to watch if we can get past it.
Comment:
The two lines held the equilibrum perfectly and although we didn't fall as far down as 5500, I was able to buy into strength as shown on the yellow lines between equilibrum. Here's an update
Trade closed: target reached