CME lower gap completed - now the real test begins
Remember my question?
1. Well we definitely closed the lower gap.
2. We bounced from 0.5 fib'.
3. We bounced from daily e200
4. And we right under the weekly e21 (www.tradingview.com/x/8zJ20SkJ/)
5. RSI was restarted and good for any direction atm.
My thoughts:
- If we close this below 8780 (E21 weekly) it's very bad news for us, especially since the main cause which was pulling out the bull market which is Huobi exchange is showing big weakness on volume power (RSI) to hold this area - and I will be starting focusing on bearish movements for long while.
- If we close this above E21 weekly, then we might see a few days of consolidation between daily E50 (9035) and E200 (8470) before next moves will happen.
* This is a very good place to ladder positions now and hope for the best - as we are still in bullish market.
* Passing 10k again (Or even 9500) would be strong confirmation for the bull run, if we reject 9k during the coming week, we are also going to fall below weekly e21 from my perspective...
1. Well we definitely closed the lower gap.
2. We bounced from 0.5 fib'.
3. We bounced from daily e200
4. And we right under the weekly e21 (www.tradingview.com/x/8zJ20SkJ/)
5. RSI was restarted and good for any direction atm.
My thoughts:
- If we close this below 8780 (E21 weekly) it's very bad news for us, especially since the main cause which was pulling out the bull market which is Huobi exchange is showing big weakness on volume power (RSI) to hold this area - and I will be starting focusing on bearish movements for long while.
- If we close this above E21 weekly, then we might see a few days of consolidation between daily E50 (9035) and E200 (8470) before next moves will happen.
* This is a very good place to ladder positions now and hope for the best - as we are still in bullish market.
* Passing 10k again (Or even 9500) would be strong confirmation for the bull run, if we reject 9k during the coming week, we are also going to fall below weekly e21 from my perspective...
