Hi traders..
on the short term level I think that we are correcting in a WXY pattern and then we shall resume to the upside.
How much up have to be seen: on a macro level we might have completed only a wave 1 and after that new time high !
On the other side, we might forming a bigger ABC correction from the 20k top that will bring us up, firstly, to 16500 or higher, and then down to retest the previous low and probably breaking it..
For the time being I still see a high probability that after this correction, we will resume up, to at least the mentioned 16500 and then reevaluate..
There are also other alternatives for a more complex correction, but I wouldn't consider them until they presents themselves; for now I would personally try to play the bounce from the blue box up to 16500, paying attention to the wave structure that will be formed from the blue box going up, especially at the 10850 and level and 11460 levels...
This is IF and only IF I'm correct in the first place... will reevaluate soon based on next moves,...
This is No financial advise !!!!
I'm not a certified trader/investor, just having fun in the market.. so: don't follow what I say :)
on the short term level I think that we are correcting in a WXY pattern and then we shall resume to the upside.
How much up have to be seen: on a macro level we might have completed only a wave 1 and after that new time high !
On the other side, we might forming a bigger ABC correction from the 20k top that will bring us up, firstly, to 16500 or higher, and then down to retest the previous low and probably breaking it..
For the time being I still see a high probability that after this correction, we will resume up, to at least the mentioned 16500 and then reevaluate..
There are also other alternatives for a more complex correction, but I wouldn't consider them until they presents themselves; for now I would personally try to play the bounce from the blue box up to 16500, paying attention to the wave structure that will be formed from the blue box going up, especially at the 10850 and level and 11460 levels...
This is IF and only IF I'm correct in the first place... will reevaluate soon based on next moves,...
This is No financial advise !!!!
I'm not a certified trader/investor, just having fun in the market.. so: don't follow what I say :)
Comment:
are we going to bounce soon from the blue area or, will we keep going straight down to test previous lows without bouncing since there is still much room to go for the RSI?
Trade active:
Here we are !!!