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As per my previous analysis’ we are moving pretty much as expected. I expect us to range over the next week in our attempt to hit our target of 7700; though there is a small chance that we have already hit our limit at around 7485.
Once we confirm the top (somewhere between 7485-7700) we will begin our descent back to 6800 to confirm it as support (again this...
As per my previous analysis, you can see how the current Inverse H&S/Ascending Triangle and targets is the MOST F**KING PERFECT set up to form a larger inverse H&S which will take us to 9500. If this occurs we then form a cup and handle on the retrace from 9500 – 8400 which will then take us to 13K.
Currently ranging. I am looking for the inverse H&S/Ascending triangle pattern to play out. A confirmed break below the pink trendline would signal a further drop is in store.
I will long once we break 6800 resistance and bounce off the retest with a target of 7700.
The smaller inverse head and shoulders is currently forming the head of the larger inverse head and shoulders pattern. I’d say it’s at least a week until we break out of 6800 which will send us up to 7750 which is our ultimate target. This will complete the larger inverse H&S’s head so from here we retrace back to around 7100-7200, however we should not break the...
Ascending triangle looks set to incur 6th touch point. From here we either go up the height of the triangle or down the height of the triangle. Down sends us to 56xx which I can’t see happening.
Four hour chart Bullish indicators:
Trading above Ichimoku cloud
Tenkan / Kijun Cross
Ascending triangle pattern
5 EMA / 20 EMA cross
50 EMA / 100 EMA cross
Currently trading within both an ascending wedge and larger ascending triangle pattern = usually follows trend; so expect a break to the down side.
In support of this:
• 3 tests so far of the 23.6 Fib = expect one last retracement to between 6300-6450 before a possible breakthrough.
• Stoch RSI Oversold
If we break to the upside of the 23.6 Fib wait for the...