Not sure if the pattern is perfect, but this may give us some bounce up
Comment
⋅
Looks like a fairly strong breakout of the wedge. Hoping to see 9600 before we assess further
Comment
⋅
One of the possible outcomes if we get to 9500-9600
Comment
⋅
We are still following this H&S pattern. Volume is incredibly low lately. Very hard to gauge the situation. No action is probably the best action at the moment
Comment
⋅
Another thing to watch here: We are on 8th candle of a TD indicator. This could give us 1-4 candle correction. Also we are approaching Fib 0.5 and 50MA, which may act as resistance as well.
Comment
⋅
So, we perfectly bounce off of Fib 0.5, MA50 and candle 9 (before it became red 1) and tested the trendline. Next is either we stay along the line and bounce up or go down to the neck line of H&S. So once at the neck line, 2 options i see. 1. we go up if neckline acts as support line 2. H&S gets formal execution with target below (green)
Comment
⋅
So we dropped to 8500 and now formed bear flag If this level doesnt hold, then taget in green is still in play We did hit candle 9 on 1H, so there is a chance for bounce to roughly 8900-9000 I'm long at 8510 with tight stop
Comment
⋅
Target of 8200 reached perfectly based on H&S pattern and we bounced back to 8500 area 9K is still in play here I will post new TA later as we progress
Thank you
Comment
⋅
Likes are welcome, unless you really hate it :)
Comment
⋅
Last update on this: I saw bottom diamond last night and decided to capture it, just to see if my theory was working.
Comment
⋅
Diamond bottom still in play, so as the original idea regarding the bounce to about 9K We are slowly breaking out and forming a bull flag. While hitting double top at Fib 0.38 Hopefully it matures and send us higher to our targets