Since i rely mainly but not exclusively on Fibonacci analysis, 160 ish price break (retracement from 2008 highs) made me reconsider next level, that is 187$.
Cycles, boxes and symmetry seems doing the job here. I am looking for a pullback around 158-159 (trendline from 2000 and 2008 highs), and mean reverion on MA34. I am mixed on this sentiment of a pullback to this level since this rally is not extended as many might think but still hard time to see this going up during summer...
After that it'll be new ATH around 187$ before Christmas and then down on a bear market for 444 days (50% of bull cycle, like 2000 and 2008 correction).
A lot of things are pointing for a correction, that is why i was a bear at 160, but this has me reconsidering a last push up until Christmas. Also, as a day trader one of my rules is don't fade the trend until confirmation of reversal. from this point of view there is no correction yet and i should trade upside trend.
Good luck on your trades!
Cycles, boxes and symmetry seems doing the job here. I am looking for a pullback around 158-159 (trendline from 2000 and 2008 highs), and mean reverion on MA34. I am mixed on this sentiment of a pullback to this level since this rally is not extended as many might think but still hard time to see this going up during summer...
After that it'll be new ATH around 187$ before Christmas and then down on a bear market for 444 days (50% of bull cycle, like 2000 and 2008 correction).
A lot of things are pointing for a correction, that is why i was a bear at 160, but this has me reconsidering a last push up until Christmas. Also, as a day trader one of my rules is don't fade the trend until confirmation of reversal. from this point of view there is no correction yet and i should trade upside trend.
Good luck on your trades!