After breaking new highs we have pulled back. I have drawn a new buy zone. A 50% retrace from the HIGH of the first 50% pullback that supported in this trend. In a heavily trending market like this you frequently get highs-highs 50% retraces instead of the more traditional lows-to-highs 50% retraces.
Daily timeframe target remains the $3200 area. FOMO top at $5000? See my prior posts.
Daily timeframe target remains the $3200 area. FOMO top at $5000? See my prior posts.
Comment:
We already have buying tails, but we may bounce only slightly - up to 50% of the pullback and then head lower into the buy zone in a three wave pattern down to the buy zone. Or maybe we just bounce straight back up to new highs. Who knows. Buyers are aggressive. I would certainly prefer a pullback into the buy zone to shake out the weak hands.
Comment:
We got a solid test of the buy area and are bouncing. So far buyers supporting the bounce even after a pull back.
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