Good Saturday to all you traders out there!
Going to make this one quick.
So sometimes I like to check out the Ichimoku Cloud because different indicator interpretations can give you better insight.
I'm currently favoring the potential that we bounce out of the daily cloud to 8400 first, before a measured move back to 9k.
I cannot fully dismiss the potential of bouncing to 9k from here, but frankly RSI and MACD look pretty weak to me. My OHLC smoothed indicator (which I've yet to upload - my apologies) is still showing a sell. Although with the consolidation here, they have started to tighten up just a little bit.
My current working theory is a bounce down to 8400 range, followed by and upthrust to 9k. Even the Wyckoff method would predict a bounce back to support turned resistance here at some point. So a bounce back to 9k at some point is in my opinion warranted.
After that, I believe we fall back down to 8200 or so. I'm favoring a slow drip instead of a strong move though... And after that, I would really really watch what the next move is... My current theory is a fall below 7200, or at least a retest of it. Potentially as low as 6800-6900. I will be watching what we do from there. If there isn't a strong move up to break us out of that logarithmic arch in aqua, it's a bad sign. With another very strong measured move down to the mid 5k region, and even to 5k itself.
Just my current working theory at the moment.
Going to make this one quick.
So sometimes I like to check out the Ichimoku Cloud because different indicator interpretations can give you better insight.
I'm currently favoring the potential that we bounce out of the daily cloud to 8400 first, before a measured move back to 9k.
I cannot fully dismiss the potential of bouncing to 9k from here, but frankly RSI and MACD look pretty weak to me. My OHLC smoothed indicator (which I've yet to upload - my apologies) is still showing a sell. Although with the consolidation here, they have started to tighten up just a little bit.
My current working theory is a bounce down to 8400 range, followed by and upthrust to 9k. Even the Wyckoff method would predict a bounce back to support turned resistance here at some point. So a bounce back to 9k at some point is in my opinion warranted.
After that, I believe we fall back down to 8200 or so. I'm favoring a slow drip instead of a strong move though... And after that, I would really really watch what the next move is... My current theory is a fall below 7200, or at least a retest of it. Potentially as low as 6800-6900. I will be watching what we do from there. If there isn't a strong move up to break us out of that logarithmic arch in aqua, it's a bad sign. With another very strong measured move down to the mid 5k region, and even to 5k itself.
Just my current working theory at the moment.