As per my previous 2 analysis, I first gave a very early indication of a potential bullish structure forming; and then a subsequent update. Well this is the third instalment based on the latest data.
Per the last analysis I said we were looking for a pull back up to close to the green dotted line (between 9550 where we were currently are at and 9850 at the most), before a further fall. Well we have hit 9700 which is good enough for me to start entering shorts laddered up to 9850. We should shortly see a fall (though it might fall a couple hundred, and then retest 9700-9800 again before the actual fall. The fall will determine the bottom and it should be somewhere in the blue zone between 8650 and 8900. If we fall past the blue zone, then the pattern will likely fail. I have added the red line with warning explanation marks to highlight this. If the pattern plays out, all my stop losses will be just below this line.
If you have lower risk, wait for a second touch of the blue zone before entering long (with a stop below the blue zone). Long will be to the top of the smaller orange triangle around 10,800-,11,100.
If you have a higher appetite for risk (like me!) - Then short from here, to the bottom (let it ride out until we confirm the bottom), then long back to the top of the triangle, back down etc. If we break to the upside of the smaller orange triangle, then we aim for the top of the larger triangle.
This pattern is looking more and more relevant, but obviously use stop losses and trade at your own risk.
Per the last analysis I said we were looking for a pull back up to close to the green dotted line (between 9550 where we were currently are at and 9850 at the most), before a further fall. Well we have hit 9700 which is good enough for me to start entering shorts laddered up to 9850. We should shortly see a fall (though it might fall a couple hundred, and then retest 9700-9800 again before the actual fall. The fall will determine the bottom and it should be somewhere in the blue zone between 8650 and 8900. If we fall past the blue zone, then the pattern will likely fail. I have added the red line with warning explanation marks to highlight this. If the pattern plays out, all my stop losses will be just below this line.
If you have lower risk, wait for a second touch of the blue zone before entering long (with a stop below the blue zone). Long will be to the top of the smaller orange triangle around 10,800-,11,100.
If you have a higher appetite for risk (like me!) - Then short from here, to the bottom (let it ride out until we confirm the bottom), then long back to the top of the triangle, back down etc. If we break to the upside of the smaller orange triangle, then we aim for the top of the larger triangle.
This pattern is looking more and more relevant, but obviously use stop losses and trade at your own risk.
Order cancelled:
Looking more like my first guess at this fractal. Not too confident on it anymore though I am short from 9840 currently.
