Short term appears to be a contracting triangle. This would mean we are on a 4th wave or B wave correction. I think it is a B wave that will see us make one last push higher and then resume the descent down to complete wave C.
Good possible scalp entry at D for a quick short and if it fails at support you have ample room for a stop loss at break even. Good possible long position at E with a very tight stop loss.
*Just an opinion!
Good possible scalp entry at D for a quick short and if it fails at support you have ample room for a stop loss at break even. Good possible long position at E with a very tight stop loss.
*Just an opinion!
Comment:
Nice quick move. We are currently at the next area of support. Could range back up or head down to the next level of support in a possible wave five.
I really did see us heading up to the 9,000 level before heading down again but now the 200 EMA on the daily is already below 8,400. It is looking more likely that we are in a wave three on the daily which would mean that we have resumed our descent unless the bulls can take us back up and terminate this as a C wave correction.
I will be waiting for wave four to complete to sell at resistance in case we make the move to the 7,500 - 7,400 area with a tight stop loss. Using the last profits to pay for the next trade with 5x leverage and a possible gain of 20%