Be quick to call your wins.. be even quicker to call your losses. Looks like we missed the bottom by a little less than $150. HOWEVER, we are not in the business of calling bottoms or tops. It's a good idea to average out your purchases across a range as opposed to going all-in on a resistance/support line. This will allow you to get in at cheaper prices, and also guarantee you some of your profits.
At the time of this writing, we are at about 8150. As I said we missed the bottom, but we definitely called where we would bounce to. Rest assured, the BEARS are not out of the fight just yet. There's no clear way to tell which way we'll go from here. Expect some side ways movement, with some minor waves as we figure things out. What we CAN see is that the most recent bounce from 7800 had less volume in it than the previous two flag poles down. On top of that (literally and figuratively), all EMAs seem to be in sync in that we're all still headed downward.
That said, it's likely we will try for 7700 again, since we so gracefully missed it the first time. If you were able to layer some bids in at 7800, right here in my opinion would be a good time to take some profits for ANOTHER 5% gain. It's boring I know, but patience is key here as a lot of uncertainty is going on in this 7700-9200 range.
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
At the time of this writing, we are at about 8150. As I said we missed the bottom, but we definitely called where we would bounce to. Rest assured, the BEARS are not out of the fight just yet. There's no clear way to tell which way we'll go from here. Expect some side ways movement, with some minor waves as we figure things out. What we CAN see is that the most recent bounce from 7800 had less volume in it than the previous two flag poles down. On top of that (literally and figuratively), all EMAs seem to be in sync in that we're all still headed downward.
That said, it's likely we will try for 7700 again, since we so gracefully missed it the first time. If you were able to layer some bids in at 7800, right here in my opinion would be a good time to take some profits for ANOTHER 5% gain. It's boring I know, but patience is key here as a lot of uncertainty is going on in this 7700-9200 range.
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Look out below!
As always,
gl;hf
-Jay