While news can be difficult to trade on, and I called for an extremely bullish week at the beginning of this week... Bad news can mess with a forecast. Good news is they are usually temporary and the actual trend just resumes after a mild correction. And this is what happened to us at the beginning of this week. I'm still forecasting 11300 - 11400 range as the end up the next bull run, followed by a heavy handed bearish secondary test.
Good news is after analyzing the Wyckoff model, this model seems to predict roughly the same thing.
We are at the lower end stage of what's called an up-thrust event in an accumulation model. We have had several different retests of this price region, and price is ready to pop hard as it is currently doing.
This is exactly why I did NOT suggest being in a short position as it would not likely be a smart position (except for obvious bad news - in this case it was stimulus related)... Not withstanding, I see a strong pop up to the 11k region with some retracement afterwards, and another bullish stretch to 11400 or so.
Good news is after analyzing the Wyckoff model, this model seems to predict roughly the same thing.
We are at the lower end stage of what's called an up-thrust event in an accumulation model. We have had several different retests of this price region, and price is ready to pop hard as it is currently doing.
This is exactly why I did NOT suggest being in a short position as it would not likely be a smart position (except for obvious bad news - in this case it was stimulus related)... Not withstanding, I see a strong pop up to the 11k region with some retracement afterwards, and another bullish stretch to 11400 or so.