There are two formations since the correction from the 14k mark, I will be looking for a double confirmation before taking either my Long or Short position. As you can see from my charts we are currently flirting between the initial long and short lines of confluence.
If we stay above the 11,300 mark I will be waiting to purchase when we exit the dashed , with a target of 12,800.
I'f we fall bellow the 11,300 mark I will be looking the enter a short position with a target of 9980.
Exit of both trends will make this analysis invalid.
There is also short squeeze potential from 11,400 - 11,990 if the current green is broken.
Like wise, if we fall bellow the 11,250 then we can expect to fall to 10,700.
Opinion's and suggestions would be greatly appreciated, never done this before so I may so this is certainly not trading advice haha!
If we exit the triangle then that will be my signal to buy. If we are rejected we can expect a dip back to the red line of support before another future retest further into the trend.
Prediction: 12,600 is proving to a be strong support with the current price action, if this is broken we can expect a move to the downside.
However, I believe this would be a short lived correction followed by a bullish continuation, with 12,100 acting as support.
First TA has panned out perfectly, I hope to post more in the future. Thanks for reading :)