August 5th wide ranging candle was 2x NTR. Represents extreme selling and likely cannot be sustained.
Gap down on Aug 6 NQ futures indicates further extreme selling readings. Expecting NQ gap down to be somewhat repaired by market open Aug 6 and bottom possibly in place.
Could be dead wrong of course!
Jumping the gun a little early here --- but I think this may be the trajectory. It's building a big handle and will likely see higher highs, although I think we need to see a move to the bottom of the "handle" before we do.
Everyone is in a panic over the BCH manipulation, but the BTC uptrend is entirely intact. In fact, the next weekly candle should likely be a full retrace of the one we're about to close here. You cannot use linear lines to judge parabolic zones: they must be curved.