During the stream, I explained all possible market movements based on the different timeframes, possible trading opportunities which can be used. In this post, I will focus on the current market conditions.
The market made a good upward movement after breaking above 6000.00 resistance. This breakout was supported by increasing demand and . Also, fundamental factors could help to break the strong and move higher.
Now the price is at 8000.00 and we can say that this level and 8500.00 create the . This zone can stop and reverse the price, and we will be able to see the correction movement. If you think that I talk too much about the correction, you need to think about the structure of any trend movement and learn TA. Now we have the strong impulse wave and the next one should be a correction wave.
I won't use EWT like some other "experts" do it, especially they like to do it in the wrong way. I don't want to make this post complicated. I just want to say that the bouncing from the zone at 8000.00 level with the further downward movement to lower support levels and lines - it will be very logical behavior of the market. Reaching the and support zones at 7000.00 and 6000.00 levels will provide us possible reversal signals and as a result new trading opportunities.
lines and histogram are ready to provide strong signals confirming the price reversal and the downward movement.
tells us that the market is overbought. The line is in the overbought zone and it will be able to give us a reliable confirmation of the price reversal.
DMI is still and confirms the strength of buyers. But it's a lagging indicator. line climed above 50 level. It tells us not only about the strong uptrend but also about the possible correction which is coming.
It will be better for the market and everyone if the price corrects the previous strong movement. This correction will be used for joining to the main uptrend. Buying based on the current levels and the , it's one of the mistakes novice traders like to do. If you did not join the uptrend following many buy signals starting from 3000-3500 levels, now you need to wait for the correction and buy based on reversal signals or move to the higher timeframes and search for trading opportunities based on the weekly and monthly charts.
But it's not a financial advice. If you have your own trading plan, of course you must follow it but not listen to stupid ideas from me and other "gurus" and "legends". If you don't have such trading plan, it's time to think about getting knowledge and move in the direction of the proper trading as soon as possible.
I wish you good luck!
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