This is part two of the above idea. As you can see we had a downtrend with two bull traps and it's fallen into our green box and bounced out, as indicated by our predictive arrows previous to the move. A lot of people thought this correction was finished as the bull traps were rearing their heads but we remain vigilant.
Personally I don't think this is the end, in my opinion it has happened too quickly (you can see from my arrows in part one I thought it would take double the time), so I think we could easily test the red box. Opening trades anywhere within that red box is a very safe bet, you should place trades there if you are sitting out for longer, but stay alert - if the bottom of that red box is breached, the potential downside is huge (low 1000's).
Look for key reversal signals now as we're in the green box. I recommend using the daily time frame for this unless you are doing day trades, in which case the shorter timeframes are fine. The daily timeframe does not currently indicate a reversal is on the cards.
I'll update as more stuff happens.
Comment:
God damn I been killing it lately son look at that bounce
Bounced out when it first came into the red zone, now it hit reaaally near the bottom of the red zone and is looking to move up. Lol. Moment of truth...
Probably gonna tank tbh