More dowside before new ATH
Comment:
Rejection from the green box at 48400 looks like this is going as planned.
Comment:
Again going as planned. Bears seem to be running out of steam. The initial 38K target might not get hit. 42800 next point of interest.
Comment:
44000 support broken, bounced from 43000 to retest 44000 as resistance if S/R flip confirmed 38k confirmed.
Comment:
Bounce from 43k was larger than expected. Still have lower lows and lower highs. 38K will get hit in my opinion, To quote Gann:
"Weekly and monthly time cycles are the most important cycles.
* In the short term, watch 3.5 days i.e. the 3rd / 4th day from the important top/bottom for change in minor trend. It may become a beginning of a major trend.
* Reactions will often last for two or three weeks. Therefore watch the 14th day and 21st day along with the 7th day from the important top/ bottom. Out of these 14th is the most significant and 21 the next. (Note that 14 is very close to 13 and 21 is the Fibonacci number itself)."
"Weekly and monthly time cycles are the most important cycles.
* In the short term, watch 3.5 days i.e. the 3rd / 4th day from the important top/bottom for change in minor trend. It may become a beginning of a major trend.
* Reactions will often last for two or three weeks. Therefore watch the 14th day and 21st day along with the 7th day from the important top/ bottom. Out of these 14th is the most significant and 21 the next. (Note that 14 is very close to 13 and 21 is the Fibonacci number itself)."
Comment:
Playing around with harmonics and the 1.618 lines up with 38500 level.
Trade closed: target reached:
Long orders in the 43k area got filled, closed 75% at 44k resistance closed the rest at 48k. Short at 48k got stoped out, currently not in a trade.