I previously published a chart pointing out the similarities of the previous attempt at $5,000. For reference please take a look (link below). We are moving towards the ATH again, but there is still alot of uncertainty in the air. The head and shoulders pattern that everyone was talking about yesterday appears to have formed, meaning there should be more downside from here. Based on the fractal pattern, I would expect us to remain at the $5750- $5,500 levels for a day or two more then begin a swift decent to $5000 (hard psychological resistance) and probably a little beyond (based on previous resistances $4900-$4700). If we move back up from here above $6000, I'd say all bets are off, but so far this pattern looks near identical.
This is merely an observation and not investment advice. Please let me know what you think in the comments below and if you have any input or if you see anything else I am missing.
Thanks and good luck trading!
This is merely an observation and not investment advice. Please let me know what you think in the comments below and if you have any input or if you see anything else I am missing.
Thanks and good luck trading!
Comment:
Just about to hit the last flag before the drop... down we go.
Order cancelled:
looks like we might be going up instead... cant win them all.
