I started to analyze this chart recently, by drawing trading range 1-1 and here is how it develops.
TR 1-1. Looks like a continuation of bullish trend, but there some signs of weakness, like m.SOW and inability to go higher 131+.
TR 2-2. Well this trading range also shows some weakness generated by FOMC statement and recent Up Thrust action. I expect to see a new test of support level of this channel.
TR 3-3. Note: the price has failed to pass the mid line of this channel. But we still have a time to make a retest.
TR 4-4. Nothing special here, but these trendlines could be useful as well.
What next?
I think we are ready to make a new test of the levels 129 & 127(why not?). This trading range could be also a distribution pattern, so be careful to open a long position. I'm selling from the level 131 (green UT action) and I'll search for a new PoE that could appear this week like a LPSY events.
TR 1-1. Looks like a continuation of bullish trend, but there some signs of weakness, like m.SOW and inability to go higher 131+.
TR 2-2. Well this trading range also shows some weakness generated by FOMC statement and recent Up Thrust action. I expect to see a new test of support level of this channel.
TR 3-3. Note: the price has failed to pass the mid line of this channel. But we still have a time to make a retest.
TR 4-4. Nothing special here, but these trendlines could be useful as well.
What next?
I think we are ready to make a new test of the levels 129 & 127(why not?). This trading range could be also a distribution pattern, so be careful to open a long position. I'm selling from the level 131 (green UT action) and I'll search for a new PoE that could appear this week like a LPSY events.
Comment:
On the way to test 129.4
Comment:
Patience has been rewarded
Trade closed: target reached:
Level 127 has been tested. I don't think this is end of down move. No at all, but I partly closed some of my positions. I will update this chart soon.