So a couple of things now to discuss with you guys. If you have been following this idea you know that the pullback last night was expected and it did exactly land and reversed off of the 200 MA on the 30 minute chart.
So today I have switched over to the one hour chart because I want to point out the bullish crossover scenario we have just ahead of us today. You can see that the 50 MA here is in a great position to move up through the 200 MA and this should be a great indicator for traders to take a long position and move into the trade. I expect a fairly decent rally from this move. I do expect that the 20 MA here will move lower in order to touch down on the 50 in the short term but after that the move higher will get underway.
The second thing is that I have again raised my target sell area to 15800 and potentially 16000. The big retrace we just had has given me the confidence to do this and you can see that the bands of the fib chart do correlate very nicely to this new placement especially that long sideways move off the bottom. I have removed the background fib chart so you can see this more clearly.
Lots of room on the indicator charts for a move higher here also.
So today I have switched over to the one hour chart because I want to point out the bullish crossover scenario we have just ahead of us today. You can see that the 50 MA here is in a great position to move up through the 200 MA and this should be a great indicator for traders to take a long position and move into the trade. I expect a fairly decent rally from this move. I do expect that the 20 MA here will move lower in order to touch down on the 50 in the short term but after that the move higher will get underway.
The second thing is that I have again raised my target sell area to 15800 and potentially 16000. The big retrace we just had has given me the confidence to do this and you can see that the bands of the fib chart do correlate very nicely to this new placement especially that long sideways move off the bottom. I have removed the background fib chart so you can see this more clearly.
Lots of room on the indicator charts for a move higher here also.