- bounce of the support of the and hit the green 50MA confirming it as resistance and breaking down through the and head down
- break down through and bounce off the 100MA in orange; and then confirm the support turned resistance and head down
- slim chance of finding support on the and bouncing enough to get back above the 50MA and finding a before ultimately breaking back down through the .
Regardless; we are going down when we break the support. The target is 5100.
I am currently short long term (daily/weekly), and have more shorts laddered in up until the purple down trend channel resistance.
I also have some small hedged short term longs with a stop just below the orange 100MA to play off any bounce.
I will of course also play some hourly chart longs/shorts based on the Moving Averages and areas; using relatively tight stops.
Ultimately, it is not long until we go down! Even if we stay within the ; come mid-September we would reach the very apex where the purple long term down trend resistance meets the shorter term green ascending support. It is likely (in my opinion) the purple resistance will win.