I believe we are in clear "overbought" territory. I really hate that term but it does have some merit. I like the 16000 area to the short side. Just recently had a new high, 18k is approaching; lots of reasons for a pullback here. I will start accumulating positions now for the move
Trade active:
Dont be a fool here, take a little off the top and set yourself into a positive stop. We always have a chance of another small 2 wave substructure up before the fall we are looking for. Never leave pips on the table. Even if its 1 measly little pip.
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Absolutely loving the action. Have added a short scaled position. Will close all at 16400
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I have several divergences on the daily now. It is only a matter of time. Election year markets can be a bit...ahem. If you know you know. A beautiful instrument to scale will be thinking about a 3rd an final position soon, obviously wont force anything.