Further to my previous chart.. an update for your all.
Although we are WAITING for this right shoulder confirmation, PLEASE NOTE that is EXACTLY what we are WAITING for. I'm not in a trade. I'm WAITING for analysis to be shown to be correct.
This chart now shows you another potential move to upside BEFORE the bearish bias applies.
'Market can do what it likes' we just have to be planned AND prepared with TA skills both sides and be aware, we don't care which one applies but we know how to REACT to what we see.
Right now there is the potential for a new 'head' to be placed much higher up meaning the rest of the price action that we have had on the left = left shoulder. This would squeeze shorts who were too trigger happy and grab liquidity to the upside and take out people who caught the top. This zone is the Bull Flag extension which remains open from the weekly. This is what I would do if I were a market maker and what I have seen happen repeatedly on the NAS.
Also on the current down move, notice on 4HR the 'neck line support' in our developing head and shoulders idea, was prevented from being hit this means there are big boy buyers sneaking around protecting that level, they have not given up.
2PM London we will have US inflation data this may be the catalyst used to make this incredibly dirty move.
in trading we cannot be married to any bias and look at what price tells us ALWAYS
Dips007Trading
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I have just entered long sl at neck line we saw no reaction so the idea is invalid but see how preparing both sides still help? I will update chart for Monday bases on new higher head
Dips007Trading
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don't why this Important update not published but my feeling is she will can easily rip for the reasons identified we play either way but who's complaining couple hundred pips either ways pips are pips = profits
Dips007Trading
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and of course IF that rip happens you on more than 500 pips to down side!