Anyone who thought the gap up was a breakout and jumped in long got fooled...
I went and closed the gap but closed yesterday because I also thought we would either get to the 0.618 or the 0.786, I should have kept part of that short open, damn...
Anyway, I think we will now just continue further down, we have strong support at 0.83-0.84 with a possible confluence of the trendline depending on how fast it goes... That should be the main down target for those who got into the short yesterday or today...
Keep in mind though: with every approach the chances of a break of support get bigger...
If this is a large ABC zigzag than we will surely break support and go much lower, I will update when the time comes...
A bounce back up would give us a great opportunity to short again based on the Gartley I drew (if it ever gets close to finishing of course...).
To conclude: Shorts favored until support is reached, then re-assess based on the reaction there...
I went and closed the gap but closed yesterday because I also thought we would either get to the 0.618 or the 0.786, I should have kept part of that short open, damn...
Anyway, I think we will now just continue further down, we have strong support at 0.83-0.84 with a possible confluence of the trendline depending on how fast it goes... That should be the main down target for those who got into the short yesterday or today...
Keep in mind though: with every approach the chances of a break of support get bigger...
If this is a large ABC zigzag than we will surely break support and go much lower, I will update when the time comes...
A bounce back up would give us a great opportunity to short again based on the Gartley I drew (if it ever gets close to finishing of course...).
To conclude: Shorts favored until support is reached, then re-assess based on the reaction there...
Comment:
Could be going down again, watch the MA and the trendline for rebound or break, if it turns up again then I hope the pattern will complete...
