Hey!
This market is incredibly bullish, but nothing can grow infinitely and bearish signals become more and more.
It's time for a good correction!
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On three hour candles you can see an almost perfect Bearish Bat Gartley.
Bearish divergence on MACD and RSI indicators.
Hidden bearish divergence on Stochastic RSI indicator.
MACD confirms the beginning of the downward movement.
The projection of the harmonic pattern will lead us to 9370, where growth can start again.
Sell: Now
Stop Loss: above 11440
Take Profit: below 9370
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But if you look at the big picture, on day candles, you can see that the correction should be much stronger.
I think that the market may fall to 6000-5000.
If the market falls below 8800 it will be a confirmation of the double top, which can be seen on smaller timeframes.
The end of the correction may be at the level of 6200, where the support zone is located.
Also this correction should stop MA125, the market did not fall under this MA since 2015.
Sell #1: Now
Sell #2: below 8800 (Double Top confirmation)
Take Profit #1: 7860
Take Profit #2: 6200
Take Profit #3: Between 6200 and 4800
---
Good luck!
This market is incredibly bullish, but nothing can grow infinitely and bearish signals become more and more.
It's time for a good correction!
---
On three hour candles you can see an almost perfect Bearish Bat Gartley.
Bearish divergence on MACD and RSI indicators.
Hidden bearish divergence on Stochastic RSI indicator.
MACD confirms the beginning of the downward movement.
The projection of the harmonic pattern will lead us to 9370, where growth can start again.
Sell: Now
Stop Loss: above 11440
Take Profit: below 9370
---
But if you look at the big picture, on day candles, you can see that the correction should be much stronger.
I think that the market may fall to 6000-5000.
If the market falls below 8800 it will be a confirmation of the double top, which can be seen on smaller timeframes.
The end of the correction may be at the level of 6200, where the support zone is located.
Also this correction should stop MA125, the market did not fall under this MA since 2015.
Sell #1: Now
Sell #2: below 8800 (Double Top confirmation)
Take Profit #1: 7860
Take Profit #2: 6200
Take Profit #3: Between 6200 and 4800
---
Good luck!
Trade closed: stop reached