This TA was made just for fun! But to be honest, im currently watching at this scenario i am describing here!
Okay so here is my theory. Im just so satisfied doing this fractals when im bored..
Everyone knows that 3 drives theory.. right? If no, then you will learn it now.
In the last dump there was this one structure which i see very often during a dump/pump.
1. 3 drives up or down 2. bigger retracement (forms flag or pennant) 3. Continuation
After a friend from discord told me the fact, that most continuation happen after reaching 0.5 fib lvl.. i was watching this during the last dump and saw it 3 times happen.
First time, after first drive Second time, after second drive Third time, when bearflag was forming. After flag reached 0.5, it continue to dump. (See screenshot of chart above)
I tried to copy this PA to the current situation.. and look at this.
The third drive does reach the resistance of that falling wedge.
All 0.5 retracements, touch that short term green resistance/support line.
So if a bullflag forms again, there might be a contunation pump after reaching 8820 again.
Here is the whole structure of the current chart:
Trade active
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I longed 8820 as it has been passed.. price went this time a bit lower.
But mini bullflag still in play!
According to some other friends, their current target might be also 8750-8800 for long entry.
2degreez