after closing at 29018 yesterday , the index gaped up with great momentum this morning and broke the high two days ago
now it would only be safe to go short again if the hourly bar closes below 29214 ( 29190 for futures).
if this level holds, hsi could go all the way to 2943x-295xx
market rebounded to 285xx and reversed as predicted.
but still i couldnt say this is the start of a much bigger mid term correction
this month s candle very likely to be bearish but its not 100% and todays high shouldnt be breached again for the downtrend to continue
won some fast money these few days :) gonna stay on the sidelines for a while
the index plummeted crazily right after i 'd called the top :)
it should rebound from here back to 285xx before going down again.
Remeber i said this months candle is very likely going to be a bearish one ? ( becuz of the 8 consecutive bullish monthly candle theory)
we opened at 27885 this month. we should go below 27885 before the last trading day of October
saw resistance at 288xx. should be heading to 282xx-281xx first.
some interesting finding : after 8 straight bullish candles on monthly. the 9th would be bearish(which was true as we saw last month).
the 10th candle would also be bearish 70% of the time). This month the index opened at 27885,
lets see if there 'd be some fast sell off towards the end of October.
after the rebound to 285xx, index quickly dropped back all the way to 283xx and further to the 282xx support during the night sessions
yet it found support at the bottom of the range again and managed to go back to 284xx this morning.
Now it would only be safe to short again if the hourly closes below 28330 or 28362 for futures.
it could go all the way to 288xx...