It's a hard requirement of this analysis that the high is made and from here on we see strong selling to under 4920. If not, this is invalid.
If we do make that swing, then we might be early in the first big series of break waves. These would forecast a low somewhere in the mid 4600s and then a big bull.
This bull trap could retrace most of the drop before finally setting up a big bear move.
If we do make that swing, then we might be early in the first big series of break waves. These would forecast a low somewhere in the mid 4600s and then a big bull.
This bull trap could retrace most of the drop before finally setting up a big bear move.
Comment:
Looks like this will fail. Probably another spike higher and then will review again for a short trade.