This roughly follows classic bubble theory and Elliot's Wave pattern, continuing the pattern of a descending triangle down to the 80% retracement level - similar to what happened in 2011 and early 2015.
Trade closed: target reached:
Short from 6700 closed at 6353.
Trade active:
Long opened from 6360. Stop at 6200.
Trade closed: stop reached:
Tripped earlier in the week.
Now just doing some scalping back and forth before we move up.
Now just doing some scalping back and forth before we move up.
Comment:
This chart is aging well but lesson learned: if you make a solid analysis, don't deviate from it in trading strategy.
