Pull back or just top consolidation? (Multi time frame update)

56 4 6
- Very promising in the long term, we likely see the start of a new major bullish trend . However for strategic bulls Ichimoku needs to give one more confirmation: Chikou cross above Kumo cloud.
- Heikin-Ashi signals minor loss of momentum after decent rally from Kijun to a new high above 1100. haDelta/SMA3 cross down, but still weell above zero.
- EWO and MACD are bullish .
- Supports: 1029 (Tenkan) / 1005 (100wma and Senkou A) / 970 (Kijun)

- Ichimoku setup is bullish on daily time frame too: Price is above Kijun and Kumo, Tenkan-Kijun-Chikou all above Kumo, averages point up.
- Heikin-Ashi has delieverd warning about momentum loss and a possible local             top for 4 days. Today candle may confirm pull back if stays red without upper wick and closes below Tenkan (9 days avg). PSAR is hit.
haDelta/SMA3 dips below zero line
-EWO is bullish

- Ichimoku turned neutral: price in Kumo and below Kijun. Averages are flat. Chikou below past candles
- Heikin-Ashi has bearish bias with a new haDelta/SMA bearish cross below zero line!
Profit taking and CT             Selling can accelerate below 1075!
- EWO slips into negative

For about a week now I called your attention to take profit and lighten up long positions. Now we have more warning signals that it may be a prudent decision to at least take partial profit.
As I said, the long term picture remains very supportive for bullish investors, but short term we can see more profit taking.
We have following choices:
1. Strategic investors may consider selling slightly OTM short dated calls on their long positions.
2. Swing traders should close longs for now, and look to re-enter at major strategic supports in case mkt delivers bullish signals again.
3. More advanced/experienced traders who are really disciplined and have sound risk management system can try 0,5 risk unit swing short with tigh trailing stop starting at 1100, possible tgt             1035.

P.s.: What did I do? As I hold my startegic metal long position in Gold             , I closed all my longs in Platinum             . But as usual, it was a bit too early (1076 avg), mkt moved slihgtly higher from there. Now I have 0,5 unit CT             short, which I opened in last few days at 1096 avg. This short is more or less safe already with its stop loss at 1100.
sugardaddyFED PRO
8 months ago
Great analysis and well timed short imo
The next pullback is a buy for a long term swing :-)
Kumowizard PRO sugardaddyFED
8 months ago
agree! just like in case of silver ard 18, and Gold ard 1280-1300, long term strategy must be buy in platinum to ard 1015-1020.
Probably that's what most of investors and traders wish for, that's why it is struggling to accelerate in this pull back. But I still think even if slowly, it will come lower.
purpurato59 PRO
8 months ago
Weekly and daily both show overbought conditions, this is a clear short.
Kumowizard PRO purpurato59
8 months ago
yes, hopefully. I got stopped on the short as I had a trailing stop with too quick trail steps :-). But I managed to resell it slightly higher (1,5 USD higher only). So I am still in the game
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