More facts: Looking at the weekly. 3 more days and we would have ALL TIME HIGH (ATH) on the Weekly chart: Daily Chart: 3 Day Chart: The next 3 days will give us the clue or confirmation.
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4 HRLY Chart that has RSI confirming the price formation\pattern.
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Hidden Bullish Divergence on the 4 HRLY
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With all divergences, there is a possibility that the momentum indicator fixes the disparity with price, with either a big drop or a big uptrend. We are playing the odds using other information such as previous support and resistance, trend and EMAs + candle sticks.
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Arriving to critical point ... looking at the RSI as an indicator
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Progress update:
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Update on the target and why. No matter how you look at the 2 possible scenario's the macro level target seems to be confirmed.
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Another miestone to this theory has reached.
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The bears hit as it slowed down at the apex. Now its up to the bullish people to pounce on the pullback that many have been waiting to add to the long hold. This could slip to 11150 range but if its as bullish as I think it is, it might be 11350 as the re-bounce area.
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OK. What to watch for. If the daily closes below this blue region....its not a good sign. If it does, I'm afraid the first target will be to retest what was a strong resistance and now support, 11k. This will be tested, but the drop will be slow, bouncing along the way at these EMAs and Fib levels, but ultimately the main support.
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To me this is a big opportunity... the consolidation area now looks like bullish channel that's completing what many identified as the V and cup or just Cup where the consolidation is the handle. What's perceived is reality. I'm in...at least short
@again901, I have 11500 as the first target (take some % in profit). Then the 21 EMA on the 4 HRLY.
Usually a bearish divergence on the 1 hrly is also an indicator.
However I see that there is a battle between the bulls and the bears. Not sure how this will turn out. Bears trying to push it below 11400 and Bulls defending it. Sometimes you have to take a chance.
ssari
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@ssari, FYI. I bought along the way down and bought most at 1150. I did sell some along the way up, but the majority between 11500 to 11550. Hence I was prepared to risk it but I also had to keep my eye on it. In this trade I did well but that's because I wanted to recover some of my loses in the previous pattern. I'm still holding some.
again901
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NOW BULL TRAP?
ssari
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@again901, It can be, I say 40%. 60% tells me it would have been trigged by now.
If anything a 0.318 pullback is possible. The Whales could do what ever anytime. However the EMAs, volume, etc support the 60% its going up PLUS the case I put forward with previous 2017 trend.
@again901, no problem. Just to support the trend thesus, I had mapped the fib.pitchfork from the bottom of January and what we have. I also supports the claim of up because of where its on the fib pitchfork channel, today. We were in a down trend as per this chart, but now we are beyond its extension, anything between 100 to 200% means it has to come back in. The pink area is the realm of 200%. As you can see, we are today beyond it.
again901
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LONG?
ssari
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@again901, Two targets. Until we see how they turn out, we cannot make that call yet. If you note, when we have the EMA's cross over, we go long. However we will have a delay and maybe a dip. So we need to expect this. We are waiting for the cross over in this trend for now. Hence overall yes, long.