Than look at the move on the daily (or on the weekly) chart: yes that was 20 %+ from the lows, but if one was conservative with the entry, it was still 10 %+ from the Kumo breakout or from 100 break.
How does it look like now and what are the chances?
- the long term was broken! Price has finally trades above 100 Weeks (!) spending more than 2 years below it! We have a X-A-B-C reversal pattern with a higher high, after classic long term 0-5 was completed.
- setup is still neutral, but around a breakout! Actually Price broke temporarely above the cloud and the 425 long term supp/res line, but since the move was 20 %+ from the previous low, finally it dipped back into the Kumo.
Price is trading above 100 , Kijun Sen, and we also have a firm future Kumo twist (Senkou Span A/B cross)
- Heikin Ashi candle shows consolidation
- setup is , with corrective price action. As price is reaching Kijun Sen and future Senkou B as most important supports, it is time to consider enterring longs and to look for buy signals again.
- The correction was as sharp as the run, but the short term momentum probably starts to drop further today. We have to watch the candle body size relative to the previous ones (actually that is haDelta/SMA3 quantification) and also the wicks: will be a lower low or not, will this or the next candle have a higher wick?