Well... This chart is a difficult one. We have a long term bearish channel and a mid term bullish support (Acting like a corrective structure)
We also have in the short term an inversed flag/corrective structure that could end both ways, being broken upside or downside. Anyway as it's an inversed flag it should break downside wich means bullish mid term support...
If we check how volume is increasing we can detect some panic around. We should spect some kind of hard bounce around this levels or 7500 levels.
Regards.
Well... After all this news, this index is so overbought and on critical levels of resistance, we should see this one going down sooner than later.
Regards
UPDATE 5/5: Stopped out on both positions. Result: -2R
Two entries:
1. Buy limit half of 26/03 pin bar, s/l under horizontal support, t/p around highs on monthly chart, R:R 3,5:1
2. Buy stop top of 26/03 pin bar, s/l under horizontal support, t/p around highs on monthly chart, R:R 2:1
Let the euro QE roll...
Second rejection at the same area, after gun the shorts first - including mine- at 10,500.
Another try at 0.764 from 2010 highs to June 2012 lows, upper BB boundary again, and the same diverging momentum, produced a BE weekly candle, just like the one we saw at the end of January.
If will continue down or not, its up to the Blood Moon I guess. Strong support at...
