- While setup is , price has reached an important at 1010-1020. This is also reflected in Chikou Span (blue lagging line) hit to past Kumo
- EWO and are also , they don't have any positive divergences
- Heikin-Ashi however shows drop in momentum. Candle body shrinked to , and haOscillator started to tick up from extreme low
- While the structure will likely favor bears for longer time, chance of a swing back up to test 1055-1070 increases.
- setup is , but may turn to neutral-like if price climbs back above Kijun
- As I wrote on Twitter yesterday, quite some has been built in haDelta and haOscillator during last two days. Also Heikin-Ashi structure of last 5 candles says better chance for a spike.
Price could not make a lower low, recent Candle, haDelta, haOscillator give a buy signal.
- We also had another early signal for a possible local bottom in terms of EWO , which could not make a lower low together with price. (some form of positive divergence too)
Looks like we have higher probability of a spike from here. How high the price can climb I don't know. We have to keep in mind that major structure is still , and anyone who enters long position, trades against the major trend. For this reason, do not trade more than half risk unit size!
Stop on swing long should be placed somewhere around 1009. Possible tgts 1045 +/-, or in case of dovish FED we may see a retest to 1070+.