Buyer optimism and momentum meeting strong resistance.
Shorting the bounce off major level, back towards the 10400.
Along with the stochastic levels rapidly approaching overbought,
thus confirming further my position when this level is approached.
a triple top formation seems to be forming on a longer time scale possibly this pattern leading to a large sell off on this index.
Price action will be close monitored before the position is taken.
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A break of the trend line will need to be occur along with a bearish candlestick pattern
to confirm the inevitable downward momentum which will follow as long as major levels are broken.
Shorting the bounce off major level, back towards the 10400.
Along with the stochastic levels rapidly approaching overbought,
thus confirming further my position when this level is approached.
a triple top formation seems to be forming on a longer time scale possibly this pattern leading to a large sell off on this index.
Price action will be close monitored before the position is taken.
******************************************************************************************************************
A break of the trend line will need to be occur along with a bearish candlestick pattern
to confirm the inevitable downward momentum which will follow as long as major levels are broken.
Comment:
Trade very much in play waiting to see how price determines the further direction but for now I am firmly bearish.
Comment:
Targets have been smashed, awaiting price action to give me an indication if it'll go lower or not.