Hi everyone :) I haven't posted lately as i've been on holiday to Korea and Japan (absolutely beautiful countries and a must to visit once in your lifetime).
Now I'm back and read to tackle the charts again. While away I've been trying to read and grow as a trader. I believe sometimes in life we need to take 1 step back to take 2 steps forward. Yin and Yang. Creating balance within different facets in life, just like our need to sleep and recover so we can perform at our best.
A powerful philosophy to incorporate.
Now onto the chart:
1) Clear uptrend and price has continued along it's path and did not break the uptrending trend line as you can see with the final yellow highlight.
We don't need to know the reason why price is making it's moves as it's mainly controlled by institutional traders.
We don't need to know why they make certain moves or try to interpret the meaning by news events.
All the answers we need are in the charts.
The institutions are showing that to us. The answers are no where other than in the chart.
2)The latest downward sloping trendlind has been broken, hence giving more indication for upward movements.
3) Price had created a consolidating wedge pattern in which price has broken above. I expect follow through and more buying pressure coming in.
4) Price action is revealing the move as of now.
My confluence is to the buy side.
Note:
* In Elliot Wave Theory this could be wave 4. If this is the case, then we could see this leg up on the higher time frame as being the last big leg before it comes down to correct (most likely a sharp ABC pattern). This will scare the weak hands out of the market before it begins turning up again (more on this later when the time comes).
ALTERNATIVE:
If the conviction of traders is not skewed more towards the buy side then we could still be in consolidation as there's indecision between bulls and bears.
If this is the case, then we will most likely form a BIGGER consolidating wedge pattern. Hence we will redraw our wedge.
Now I'm back and read to tackle the charts again. While away I've been trying to read and grow as a trader. I believe sometimes in life we need to take 1 step back to take 2 steps forward. Yin and Yang. Creating balance within different facets in life, just like our need to sleep and recover so we can perform at our best.
A powerful philosophy to incorporate.
Now onto the chart:
1) Clear uptrend and price has continued along it's path and did not break the uptrending trend line as you can see with the final yellow highlight.
We don't need to know the reason why price is making it's moves as it's mainly controlled by institutional traders.
We don't need to know why they make certain moves or try to interpret the meaning by news events.
All the answers we need are in the charts.
The institutions are showing that to us. The answers are no where other than in the chart.
2)The latest downward sloping trendlind has been broken, hence giving more indication for upward movements.
3) Price had created a consolidating wedge pattern in which price has broken above. I expect follow through and more buying pressure coming in.
4) Price action is revealing the move as of now.
My confluence is to the buy side.
Note:
* In Elliot Wave Theory this could be wave 4. If this is the case, then we could see this leg up on the higher time frame as being the last big leg before it comes down to correct (most likely a sharp ABC pattern). This will scare the weak hands out of the market before it begins turning up again (more on this later when the time comes).
ALTERNATIVE:
If the conviction of traders is not skewed more towards the buy side then we could still be in consolidation as there's indecision between bulls and bears.
If this is the case, then we will most likely form a BIGGER consolidating wedge pattern. Hence we will redraw our wedge.
Comment:
** If you enjoy the analysis, i would really appreciate it if you could LIKE and follow me for more analysis in the future.
<3 thanks, It means a lot.
<3 thanks, It means a lot.
Comment:
Market pushing price down, attempting reversal.
This could be the end of the first (wave 1) Elliot Cycle and beginning of a correction.
This could be the end of the first (wave 1) Elliot Cycle and beginning of a correction.
Comment:
Let's see what the market participants decide to do.
Will price continue up with more buying pressure or will the participants be indecisive and begin shorting at resistance above?
If market does begin to give us a convicting, fall we could look at a ranging period.
If so, we will look at next opportunities.
If you did buy in, look to place stops to break even to have a risk free trade and let it ride in the case the price does continue going up.