Right now we not see big - it means that market want more dip levels to initiate new longs.
Possible moving in rising triangle - this pattern can go in any way but in current situation and no big can breaks down to get more support.
And now my IF-SO part.
IF we break $6800 - it will be signal for market that bears tired and market ready to test $7600 level.
IF price break bottom line of triangle - possible going down to the next support around $5500-$5600.
Write your comments and your charts. Its interesting situation - one side market create flat bottom, other side we have not completed wave structure.
Now you can see many "long" stories to 10k from the crowd. But all is already happened. If you play this little swing from 6300-6500 is ok. But now its gone.
Im playing my patience hand for 5th wave till the middle of Aug. If its gona upper 7600 - I can find some pullback to 7200 around for the enter little part of position.
Key level $6820-6850.
1. We want to see this level for starting any new longs.
2. On key level market should decide ready or not for retesting $7600
3. We will watch price action on this level and start little swing-trade if market shows signs of strength.
4. If on key level we will see big volume of sell - it means that market not ready to go up and then we will watch key levels 5600-4800-4500.
On the last days we can see many "bull" signals from "pro" trades. This signs almost always signs of reverse and pullback. When crowd wakeup...
About next months situation:
Weekly MA99 support is next point. Look at crossing with support line at 5200-5500. In this zone we have many overlays of support levels. Where $4500-4800 is extreme support.
Why we not start new trade from $7400 to $8300? Because RR from $7400 is not the best. We look at level $6800 IF it would be reached. But this type of market create squeeze for your emotionals. The best words here is MarkPMarkets words: No retrace - No trade.