Well our first Inverse H&S as predicted and talked about over the last few ideas has been denied at the top of the down trend channel and fallen out of our upward channel.
But, fear not Bulls, although the bears are back in control it looks as if we will be forming a larger Inverse H&S. I think the rally from this new formation will bring us out of the downtrend channel and test the resistance around 13k.
As long as we don't break below 8000 we should remain positive about not testing the low a second time/testing new lows.
A laddered buy would be good anywhere between 9000 and 8200 if you can pick a few entry points.
Happy trading,
D
But, fear not Bulls, although the bears are back in control it looks as if we will be forming a larger Inverse H&S. I think the rally from this new formation will bring us out of the downtrend channel and test the resistance around 13k.
As long as we don't break below 8000 we should remain positive about not testing the low a second time/testing new lows.
A laddered buy would be good anywhere between 9000 and 8200 if you can pick a few entry points.
Happy trading,
D
