In my previous post I indicated my change in sentiment from bullish to bearish because of two trendlines that were invalidated due to new local low’s. I initiated a good sell zone in the top blue bar, given that price would move there.
Yesterday we saw a strong rally up, moving into my sell zone, and even beyond. Instead of heading to my aimed level of 2885, the high around mid April, the bulls pushed it through till 2900.
I do not sell before I see confirmation/reversal. There was an early sign of reversal on the 5th of May at 05:00 but it was not strong enough for me to enter. Now, after a night of sleep we see market pushed till 2900, and got rejected. A perfect head and shoulder pattern is forming with rejection of the major psychological 2900 level.
We are still in my sell zone box after rejection and a correction downwards. For me that is enough indication to sell.
Sell at 2865, with a SL at 2905(tight) or 2925(wider) and a TP of 2755(tight) or 2670(wider).
This 2670 is the Weekly 200EMA and the 0.618 Fib retracement with the March 2180 low as starting point and last week's 2970 as high.
Below you can see my analysis from last post, waiting to see correction upwards to enter a sell:
Yesterday we saw a strong rally up, moving into my sell zone, and even beyond. Instead of heading to my aimed level of 2885, the high around mid April, the bulls pushed it through till 2900.
I do not sell before I see confirmation/reversal. There was an early sign of reversal on the 5th of May at 05:00 but it was not strong enough for me to enter. Now, after a night of sleep we see market pushed till 2900, and got rejected. A perfect head and shoulder pattern is forming with rejection of the major psychological 2900 level.
We are still in my sell zone box after rejection and a correction downwards. For me that is enough indication to sell.
Sell at 2865, with a SL at 2905(tight) or 2925(wider) and a TP of 2755(tight) or 2670(wider).
This 2670 is the Weekly 200EMA and the 0.618 Fib retracement with the March 2180 low as starting point and last week's 2970 as high.
Below you can see my analysis from last post, waiting to see correction upwards to enter a sell:
Comment:
Stopped out, too much strength. I expect we test 3000 soon.
