Bias is towards Bearish based of Mid Term 4 hour Trend.
4 hour chart:
BEARISH indicators:
Bearish crossover of Fisher Transform.
Recent Parabolic Sar flip to bearish.
Bearish crossover of Aroon Up/Down.
.382 Fib flipped support to resistance.
Bearish cross over of MACD.
Bearish DMI cross over.
5,8,13,21 FIB level EMA right above us adding strength to the .382 fib resistance.
55 EMA will close above us dependent on what happens during this 4 hour candle.
BULLISH indicators:
Bounced off support of descending wedge which could be considered a successful retest (linear scale as opposed to log scale on which this chart is based).
Bullish on 15 minute chart. Break out of descending narrowing wedge could see us touch the orange resistance line above at around 11,700 (.5 fib).
This path is highlighted by the white dotted lines and is potentially just as valid - so something to consider. This path does not impact the overall bearish nature and we should still hit the green support line in the next few days or so (unless things change).
I think we drop as far as the green up trend line (9,800ish log chart or 10,100 linear scale chart) and then bounce to form a potential inverse head and shoulders which will take us to our double top. This would be a massive bull trap as they would see it as a continuation pattern whereas I think we are actually forming a large diamond top reversal pattern.
Stop loss set 11,900 low risk, 11,500 mid risk, 11,300 aggresive.
Target 1 - 10,150
Target 2 - 10,000
Target 3 - 9,900
4 hour chart:
BEARISH indicators:
Bearish crossover of Fisher Transform.
Recent Parabolic Sar flip to bearish.
Bearish crossover of Aroon Up/Down.
.382 Fib flipped support to resistance.
Bearish cross over of MACD.
Bearish DMI cross over.
5,8,13,21 FIB level EMA right above us adding strength to the .382 fib resistance.
55 EMA will close above us dependent on what happens during this 4 hour candle.
BULLISH indicators:
Bounced off support of descending wedge which could be considered a successful retest (linear scale as opposed to log scale on which this chart is based).
Bullish on 15 minute chart. Break out of descending narrowing wedge could see us touch the orange resistance line above at around 11,700 (.5 fib).
This path is highlighted by the white dotted lines and is potentially just as valid - so something to consider. This path does not impact the overall bearish nature and we should still hit the green support line in the next few days or so (unless things change).
I think we drop as far as the green up trend line (9,800ish log chart or 10,100 linear scale chart) and then bounce to form a potential inverse head and shoulders which will take us to our double top. This would be a massive bull trap as they would see it as a continuation pattern whereas I think we are actually forming a large diamond top reversal pattern.
Stop loss set 11,900 low risk, 11,500 mid risk, 11,300 aggresive.
Target 1 - 10,150
Target 2 - 10,000
Target 3 - 9,900
Comment:
Still plenty of bearish momentum. Stop has been moved to in profit (entry 11,233, stop has been moved to 11,170 to lock in profit in case of a suprise move).
Order cancelled:
Was stopped out in profit. Switched to Bullish. New idea coming shortly.