Bulls are still looking semi-alive, cautiously optimistic still.
So far things are looking ok for the Bulls, and their backlash since 6.4k.
A) Was our initial push out of that 6.4k touch. Breaking structure, giving our first indication the downtrend may be reversing.
B) Gave us a near perfect 50% retracement.....A slow ball over the middle of the plate. Engulfing Bullish candle and all at the bottom to kick us back off to the upside!
C) Is where we currently find ourselves. Bulls breaking above this box would be ideal for targeting that 8.5k range.
D) Where my sites are set. Have been since that 6.4k reaction. Fibs work well. Structure fits. PA so far has matched.
This remains my most likely scenario. Not my only scenario, and Absolutely subject to change as price does. Do not hold your bias as a trader. Anything more than a wick below 7.2 on the 4hr, and I'd likely take profits from any longs I'm in. As always, stay safe, practice solid risk management, and good luck!
A) Was our initial push out of that 6.4k touch. Breaking structure, giving our first indication the downtrend may be reversing.
B) Gave us a near perfect 50% retracement.....A slow ball over the middle of the plate. Engulfing Bullish candle and all at the bottom to kick us back off to the upside!
C) Is where we currently find ourselves. Bulls breaking above this box would be ideal for targeting that 8.5k range.
D) Where my sites are set. Have been since that 6.4k reaction. Fibs work well. Structure fits. PA so far has matched.
This remains my most likely scenario. Not my only scenario, and Absolutely subject to change as price does. Do not hold your bias as a trader. Anything more than a wick below 7.2 on the 4hr, and I'd likely take profits from any longs I'm in. As always, stay safe, practice solid risk management, and good luck!
