The last couple of days where pretty nice to say the least. After some bullish days like that it's time for a retracement, a pullback. As we humans are not able to predict the outcome of the markets we can and should always try to figure out what could happen next.
As you can see all oscilators need some time off to reset. MACD is turning bearish as well as RSI. Now we shouldnt wait till these are completely bottomed out. We're still in a bullish environment so therefor we could expect to turn things around somewhere in the middle or slightly below.
Normally after a run up there's a retracement to fib level 0.5 and/or 0.618 but not to be expected in times like this. I'm expecting buyers to jump in around the 236 and 382 level (green box).
I expect around the 8900 to 8400 the ABC correction will be completed and we will start a new cycle up.
I would ladder in some buys in that region and prepare new analysis when targets are met.
As you can see all oscilators need some time off to reset. MACD is turning bearish as well as RSI. Now we shouldnt wait till these are completely bottomed out. We're still in a bullish environment so therefor we could expect to turn things around somewhere in the middle or slightly below.
Normally after a run up there's a retracement to fib level 0.5 and/or 0.618 but not to be expected in times like this. I'm expecting buyers to jump in around the 236 and 382 level (green box).
I expect around the 8900 to 8400 the ABC correction will be completed and we will start a new cycle up.
I would ladder in some buys in that region and prepare new analysis when targets are met.