First off, don't trade based on anyone else's opinions of a market. Its your money, be responsible with it. As you can see I have left the red rectangle in the place where I said reversal was likely. Well, it hit it and then immediately fell to continue the bear trend. You can see we are stuck in a nasty bear channel and until this breaks out of this or until inevitable panic sits in and a massive sell off happens. it would be a high probability of losing your money if you trade within this, but, to each their own. Patience is key, and you will reap great rewards for doing so. You can notice that volume is extremely weak which lets us know that the bulls are holding out for a better entry point. For me to go long I will need to see some major changes in volume to the downside, AKA capitulation. On the daily chart we are also currently holding a pretty large engulfing candlestick that actually covers the last two days of gains in one candle, so as people give up and sell off and if it closes as engulfing then hang on to your hats because we are going for a ride down memory lane circa September 2017 levels. However, you should remember, as I discussed in my previous analysis there is a large sentiment that 6k will be the bottom of this trend. I find no compelling reason that this support level will hold. Once that falls through the panic will begin to set in as people's expectations are met with broken support. We could bounce off of 6k, but i highly doubt it will be very significant.
The next level of minor support lies at the 5500 area. I will probably be scaling in from this point on down through 4-5k with larger increments as it goes down. I believe it will probably take a few days to reach this level, possibly even this weekend but there is no way to be certain, just depends on how much consolidation takes place between now and then. So lets sit back and watch as people waste their time and money because of their impatience. Their impatience will eventually be your reward. You could short here if you wanted to but it would be very risky to do that since we have had such a large sell of already at this point. I will stand back and spectate waiting patiently. Anyways lets just sit back and watch to see what happens in the next few days and get ready to make good money on the next bounce to come.
The next level of minor support lies at the 5500 area. I will probably be scaling in from this point on down through 4-5k with larger increments as it goes down. I believe it will probably take a few days to reach this level, possibly even this weekend but there is no way to be certain, just depends on how much consolidation takes place between now and then. So lets sit back and watch as people waste their time and money because of their impatience. Their impatience will eventually be your reward. You could short here if you wanted to but it would be very risky to do that since we have had such a large sell of already at this point. I will stand back and spectate waiting patiently. Anyways lets just sit back and watch to see what happens in the next few days and get ready to make good money on the next bounce to come.