I posted on Wednesday morning to be not deceived by the strong support at 24850-800. At that time, i was expecting the down move to accelerate real soon but then as i updated in the comment section, i noticed high volume every time price came near 24900. That had me second guessing as it was odd for this early in the move. I prefer to be happy with one bird in hand so exited prematurely at 24750. NY selloff came out of the blue but the volume in there further cemented my hunch that a pullback will very likely happen before the next leg of down move.
Contrary to the popular belief, there is nothing random to the markets. Every move is planned beforehand. Therefore, it is vital to be aware of what happened on the left, keeping the bigger picture in context when anticipating the next move.
As of now, i think there is just enough accumulation for a decent pullback before the primary trend down resumes but things can change if price lingers for few more sessions near 24500. I will update in comment section as things come along so please check back or PM me if in need of my opinion.
Regards
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Wait. Do not buy or sell. Going up eventually but may make a fake breakout of 24100.
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May be Long at 24350 but a logical SL will be 23850 and it will be against the trend. I was hoping for a false breakout of 24100 if Today ended up an inside day but Yesterday's low has been taken out. May be best to wait on the sidelines for now or go long here with an aggressive SL of 24250.
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Buy 24480. SL 24270. Target 25300.
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Continues to make new lows. I am certain of big players buying but at the same time it is very hard to predict how much they plan to accumulate. Normal for market to continue to drop during the accumulation process. More they buy, higher the resulting move will be.
22500 is ruled out for now. Next move will be up.
Can't sell here because it can shoot up any moment. Can't buy because a SL hunt move below 24100 can't be ruled out. Best to stay sidelined or trade the extreme of ranges.
22500 is ruled out for now. Next move will be up.
Can't sell here because it can shoot up any moment. Can't buy because a SL hunt move below 24100 can't be ruled out. Best to stay sidelined or trade the extreme of ranges.
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Stops below 24150 taken out but still little enthusiasm from either side. Sidelined.
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No gap down means a laboured selloff if it goes down. Lets hope it's not another 25200-500 day.
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Calling it a week. Back in the middle of no where. Will post new analysis on the weekend. Have a great weekend.
