Seems like the last update didn't play out so well so i've went back to the textbooks to study about what went wrong as well as to incorporate other elements into my strategy to make it more accurate.
A general weekly view:
Seems to be forming a with the decreasing .
We just bounced off the daily again, forming what could be a . This is shown by the similar lows followed by a high (4) which took out a previous line of resistance (the green line at (2))
This gives me confidence that we've kept our uptrend intact still
Looking at A, we've spiked through (whip-swapped to take out the stops below) and went back up, not managing to have any candles close below the . This shows that the demand is strong within that area and sufficient to send the bears back home for now.
Furthermore, with this spike down, and bounce from a significant (shown by another green line), it seems to confirm the formation with the trend now heading towards the upside.
It wouldn't be ideal to long now as we're nearing B, but we definitely will be looking to do so upon the following conditions (read on!)
So looking at B, it's been spiked once (or even twice if u consider the wick just beside the candle which formed the zone. This shows that supply most likely has been absorbed quite a bit. With supply weakened, bulls should be able to take this zone easily, and when they do so, for those aggressive traders, it's time to long, whereas for those conservative ones, it's better to go down to LTF to long the retest.
TP1 - 11100 - the 0.5fib from the high to the low of the most recent drop .
This is because it is a significant area which has been touched a couple of times from the top and bottom.
This is where we will take out a portion of our longs.
TP2 - 11300-11500 - the next .
TP3 - 11900 - 12100 - the next
However, do note that if the price breaks TP1 and TP2, it's highly likely to break TP3.
We will reevaluate next week when i have the time.
Safe trading everyone.