Hi,
After a long which has failed ($8600 closed at BE), I bought the lower boundary of this likely channel.
1> Completion of a bullish butterfly
2> 0.618 retracement of the whole 2017 rally
3> SMA 200 daily.
I'm expecting a retracement to 15.300 to complete a bearish cypher. Then going short again for a final target at $5000 for 2018.
If this scenario is succesful, i'm expecting a long time range between 5K and 8K during this spring until early summer before beginning a new bullish wave.
Time will tell.
After a long which has failed ($8600 closed at BE), I bought the lower boundary of this likely channel.
1> Completion of a bullish butterfly
2> 0.618 retracement of the whole 2017 rally
3> SMA 200 daily.
I'm expecting a retracement to 15.300 to complete a bearish cypher. Then going short again for a final target at $5000 for 2018.
If this scenario is succesful, i'm expecting a long time range between 5K and 8K during this spring until early summer before beginning a new bullish wave.
Time will tell.
Trade active
Comment:
Better fibo confluence for 121 + inner bullish bat + 0.618 retracement.
TP 10.200 bearish AB=CD
OR
Srtucture of a likely gartley (invalidation for this scenario if price breaks the dashed TL / above 9.000)
In short, if
TP 10.200 bearish AB=CD
OR
Srtucture of a likely gartley (invalidation for this scenario if price breaks the dashed TL / above 9.000)
In short, if
Trade closed: stop reached:
Stop triggred at 7800.
Tiny short 7700 / Closed $6700
Rebought at $6700
Tricky Gartley - TP on chart
Tiny short 7700 / Closed $6700
Rebought at $6700
Tricky Gartley - TP on chart
121 bullish pattern / 1000$ drop from yesterday top.
Added long at 8500.
If not enough, back to 8000 for bullish cypher.