The graphic is pretty self explanatory.
Trade closed manually:
Bulls are tired, so a short to 8070 is more recommended
Comment:
Short target achieved.
Comment:
Some key trendlines.
We might see a bounce upwards, but if it's not powerful, we'll go even lower.
Downtrend channel in a downtrend channel:
We might see a bounce upwards, but if it's not powerful, we'll go even lower.
Downtrend channel in a downtrend channel:
Comment:
Inv H&S possibility is not valid any more in my opinion.
The next bullish possibility is we bounce to 8.3k and start creating a falling wedge
The next bullish possibility is we bounce to 8.3k and start creating a falling wedge
Comment:
Another bounce possibility @ 7.8.
Comment:
If 7.8 doesn't hold, I turn bearish
Comment:
Second reason I turn bearish if 7.8 doesn't hold
Comment:
This is why 7.7 - 7.8 is an important resistance point.
Confluence: 2 meeting trendlines + 2 fibonacci zones
Confluence: 2 meeting trendlines + 2 fibonacci zones
Comment:
There might be some stop loss hunting at this zone so I won't hurry into taking any decision until things clear out