Legend:
1. Red and green lines - monthly tops and candle closes (if below price its support until it breaks, if above price, its resistance until it breaks)
2. Purple dotted lines - weekly TD setup trend lines
3. Purple lines - weekly levels of action that act as support/resistance either way
4. Fib 1 - drawn from 3078 to 19842 giving fib OTE of 6000
5. Fib 2 - drawn from 6579 (slightly away from the bottom but had several candle closes on 4hr there) to the 19842 top for predictive fibs.
6. Please see charts in my additional description, explaining the MA and cloud movements there.
The fib retrace couldn't be properly called since we didn't know the bottom clearly. Now we do. It is key to understand that a retrace to the 0.786 was healthy and regularly happens in markets. The key is to not panic - if a target is hit, please take profit.
At this point, we're bullish from the daily perspective. Several local highs have been cleared - a retrace is expected on lower time frames. The immediate target is 11432 - which would make the next 13.8k target active for me.
1. Red and green lines - monthly tops and candle closes (if below price its support until it breaks, if above price, its resistance until it breaks)
2. Purple dotted lines - weekly TD setup trend lines
3. Purple lines - weekly levels of action that act as support/resistance either way
4. Fib 1 - drawn from 3078 to 19842 giving fib OTE of 6000
5. Fib 2 - drawn from 6579 (slightly away from the bottom but had several candle closes on 4hr there) to the 19842 top for predictive fibs.
6. Please see charts in my additional description, explaining the MA and cloud movements there.
The fib retrace couldn't be properly called since we didn't know the bottom clearly. Now we do. It is key to understand that a retrace to the 0.786 was healthy and regularly happens in markets. The key is to not panic - if a target is hit, please take profit.
At this point, we're bullish from the daily perspective. Several local highs have been cleared - a retrace is expected on lower time frames. The immediate target is 11432 - which would make the next 13.8k target active for me.
Comment:
Timeframe switched to 4hr..
This was the downtrend TL breaking. At this point, the price has found support at the 50MA 4hr. My best guess is that we'll pull back a bit and accelerate with volume. If the volume doesn't show, the local head-and-shoulder formation is possible - I will follow up on this on lower time frames.
This was the downtrend TL breaking. At this point, the price has found support at the 50MA 4hr. My best guess is that we'll pull back a bit and accelerate with volume. If the volume doesn't show, the local head-and-shoulder formation is possible - I will follow up on this on lower time frames.
Trade active:
On TD, there is a TD8 with a 13 on it - calling a clean sell signal. I am preparing to short to the kijun at 10500.
Currently waiting for lower timeframe confirmation.
Currently waiting for lower timeframe confirmation.
Comment:
Short entered at 11014 as stated in second idea, first target 10800 (nearly reached), second target 10500
Comment:
Correction is fully underway. Expecting reversal here on lower timeframes - looking for reversal patterns.
Correction is fully underway. Expecting reversal here on lower timeframes - looking for reversal patterns.
Comment:
Just took a look at this - called the bottom a bit early and quite perfectly. Gonna see how this plays out.
Notice the 11500 level on the daily kijun acting as resistance - its been touched once and is about to touch for the second time. The daily needs a small pullback, followed by an explosive move to the upside followed by the bullish TK cross. My best guess is that this happens in four days from now at the kumo twist on the daily, and if that breaks we're clear to the upside.
I entered my fiat at 8k after I noticed the daily C clamp formation - I am still holding on to that. I had several small longs at lower TF pullbacks that worked out fine. Currently I am waiting for a pullback - calling the target in another idea.