The market has formed a rising wedge (a bearish reversal pattern) and at the moment there is a retest of the exit from the wedge .
The problem is that the price is near the long-term downtrend line (log chart) and the resistance is enormous.
A bull harmonic pattern "Gartley" was also formed, but to complete it the market needs a leg down.
All these factors mean only one thing – correction of this overheated market is necessary!
It will be absolutely healthy for further growth.
Sell: now
Stop-Loss: above 11850
Take Profit #1: 10400 (rising wedge price projection)
Take Profit #2: 10000 – 9500 (support zone )
Take Profit #3: 8650 (gartley price projection)
The problem is that the price is near the long-term downtrend line (log chart) and the resistance is enormous.
A bull harmonic pattern "Gartley" was also formed, but to complete it the market needs a leg down.
All these factors mean only one thing – correction of this overheated market is necessary!
It will be absolutely healthy for further growth.
Sell: now
Stop-Loss: above 11850
Take Profit #1: 10400 (rising wedge price projection)
Take Profit #2: 10000 – 9500 (support zone )
Take Profit #3: 8650 (gartley price projection)
Trade active:
Slightly corrected the harmonic pattern with a new local peak.
The market did not reach the stop-loss.
Everything is going according to plan.
The market did not reach the stop-loss.
Everything is going according to plan.
Comment:
I expect a small rebound.
Comment:
Small rebound was.
I expect a possible reversal now (0.5 fib) or 10.2k (0.618 fib).
If the market falls below, panic selling of all markets will begin.
So far this is a healthy correction.
I expect a possible reversal now (0.5 fib) or 10.2k (0.618 fib).
If the market falls below, panic selling of all markets will begin.
So far this is a healthy correction.
Comment:
Target #1 and #2 reached
Trade closed: target reached:
I hope the market will not fall lower, because it no longer looks like a healthy correction.