S&P possible scnario: S&P will bounce somewhere around here downside. making hidden bearish divergence and stops around 3 900 support area that there will be potential reversal zone. I am monitoring other markets on weekend and seems correction is needed. When it will bounce from 3900 will make inverted head and shoulders.
Price almost traded in between 37200....38000 for 4 days as we expected last week. if price immediately breaks 3800 level on monday price can move above 388000 level in next 5 days trading sessions. But friday we saw price rejection from upper levels , so i am expecting a small correction of price till 0.38 of fib level.
If we analyse according to Elliot...
NIFTY has broken channel and is trading in major supply & demand area . Trend can be unpredictable until price breaks resistance area of 17400 . Earlier price took 2 weeks to break the zone , retracement is also possible from this zone. So be cautious and trade with less quantity .
if NIFTY breaks immediate resistance at 16900 level then it will trade in previous buyers and sellers area which lasted 2 week previous time, and it will also be trading near regression channel resistance area for third time, from 16900 to 17500 price will be voilatile it is better we trade nifty half the quantity lots what we used to trade reguarly .
My own plan to follow for the rest of this bear cycle & the coming bull run 2024
Planning to DCA in to alts when BTC hits around 12K price.
I think we are going to that price due to global market conditions & we are still early in a bear cycle to pamp from this current price of 19,800.
Of course consider the ever changing landscape as markets dictate's cryptos...
Solana (SOL) price action has been delivered to the mercy of bears for the moment, but those same bears could be facing a surprise to come as early as next week. Although bears are squeezing bulls against the $90-handle and investors have already stepped in multiple times these past few weeks to save SOL price action from falling, the Relative Strength Index (RSI)...