Good news is that down trend resistance has been violated. Bad news is that as this TA posted pinbar (almost a doji) candle is forming. Those two facts present a mixed signal. If you don’t have much time to read, mixed signal means stay where you are, if you are long stay long, if you are short stay short.
This TA is one of scenarios I’m watching closely, where EW count suspects the bounce from 9289 was beginning of Wave 5 in Minute Degree. Further from this, we have another sub scenarios:
Since I’ve been long from 9750 (check my previous TA), I’ll stay long until market says otherwise. I’ll flip from long (to close position or turn short) when my stop loss at 9289 is touched and broken. I chose 9289 as stop loss because wave count is invalidated when price going deeper than that.
This TA is one of scenarios I’m watching closely, where EW count suspects the bounce from 9289 was beginning of Wave 5 in Minute Degree. Further from this, we have another sub scenarios:
- Wave 5 swings like most of its kind which yield TP level 12500, 13280 and 14493 before a quite deep correction
- Wave 5 is truncated, swing fails to surpass 11771 and immediately begin a deep correction that can bring it to sub 8K
Since I’ve been long from 9750 (check my previous TA), I’ll stay long until market says otherwise. I’ll flip from long (to close position or turn short) when my stop loss at 9289 is touched and broken. I chose 9289 as stop loss because wave count is invalidated when price going deeper than that.
Comment:
Entering rex box. it's actually short zone. but my minimum target is 11771 or 12500. Most likely more fond of 12500 as minimum
Comment:
red box