At this point I am not sure where price will end up so I want to cover different possible scenarios, then watch which one plays out.
I think big picture we still remain bearish on equities, don't see big changes that would indicate otherwise.
We just rejected off 4.000 relevant level, which coincides with top of first daily fair value gap.
Whether we move higher before going lower, or just shoot lower, short term I think we have small correction to 3920 price range.
> Fair Value Gap on Daily
> We expanded upwards quite aggressively (we are a bit over 8 EMA)
> Can attack sellside liquidity from previous days' lows
> Daily Support flipped resistance, broken through and now I think we're looking for a retest
If we do indeed go to retest that area, I would wait a bit to see where price wants to go.
A. Go fill up some more space from the huge drop on the left? Maybe till top of weekly Fair Value Gap. Continue the move lower afterwards
B. Continue the bearish move, attacking the sellside liquidity from previous lows.
So my plan would be
1. Look for shorts into Daily FVG.
2. Wait to see how price reacts in that area
3. Look for longs/shorts based on how price develops
Good luck! 🥂
I think big picture we still remain bearish on equities, don't see big changes that would indicate otherwise.
We just rejected off 4.000 relevant level, which coincides with top of first daily fair value gap.
Whether we move higher before going lower, or just shoot lower, short term I think we have small correction to 3920 price range.
> Fair Value Gap on Daily
> We expanded upwards quite aggressively (we are a bit over 8 EMA)
> Can attack sellside liquidity from previous days' lows
> Daily Support flipped resistance, broken through and now I think we're looking for a retest
If we do indeed go to retest that area, I would wait a bit to see where price wants to go.
A. Go fill up some more space from the huge drop on the left? Maybe till top of weekly Fair Value Gap. Continue the move lower afterwards
B. Continue the bearish move, attacking the sellside liquidity from previous lows.
So my plan would be
1. Look for shorts into Daily FVG.
2. Wait to see how price reacts in that area
3. Look for longs/shorts based on how price develops
Good luck! 🥂