Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
The picture is self-explanatory.
We are overall bearish from a long-term perspective trading inside the big dashed channel in black.
Inside the black channel, we had the first impulse in red, then a correction in blue, and we are currently inside the second impulse movement (red channel).
Inside the impulse movement in red, we can see three phases, which we can compare to the first red channel.
We had our two impulse movements downward and two consolidations in gray. we are currently in the third gray consolidation.
If History Repeats Itself, we still need a break below the third gray consolidation downward, to find support around the 10k-12k weekly demand for the next blue correction to start.
The bulls would invalidate this scenario if we break above the upper red trendline, in this case we would have a premature / early correction.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck!.
All Strategies Are Good; If Managed Properly!
~Rich
The picture is self-explanatory.
We are overall bearish from a long-term perspective trading inside the big dashed channel in black.
Inside the black channel, we had the first impulse in red, then a correction in blue, and we are currently inside the second impulse movement (red channel).
Inside the impulse movement in red, we can see three phases, which we can compare to the first red channel.
We had our two impulse movements downward and two consolidations in gray. we are currently in the third gray consolidation.
If History Repeats Itself, we still need a break below the third gray consolidation downward, to find support around the 10k-12k weekly demand for the next blue correction to start.
The bulls would invalidate this scenario if we break above the upper red trendline, in this case we would have a premature / early correction.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck!.
All Strategies Are Good; If Managed Properly!
~Rich
