steve.elliott

steve.elliott Updated 

Scenario A got busted (as expected) - Now on route to scenario B which is the .618 of the up move (7200-7400ish). Whilst it could bottom and break up here, I think more likely now that we bounce up and then take a final leg down to around 5440. Will be watching the reaction at the 618 and then how the bounce forms. My standing short positions will close at 7500...

steve.elliott

Haven't made a BTC plan in a while, but I think we have some downward pressure incoming. I'm not predicting LL's (yet) but I do see a return to the 618 or maybe a little further before we go up again. It needs it. Good luck!

steve.elliott

Happy Trading

steve.elliott Updated 

Was expecting a big bounce here on the 618 area which hasn't surfaced (so far) due to the rate of descent - Now expecting some sidewards action with some spikey indecision either way expected - maybe for a few days to absorb the drop - Will be looking for a spike up (although I dont expect it to be massive) to get my shorts in again before a final leg down to...

steve.elliott Updated 

Bit of divergence building and PA setting up in my opinion for a down leg intraday. Still looking for another chance to get in long and think the action also wants it. Good luck.

steve.elliott Updated 

clear divergence on the one hour along with nearing critical resistance lines and the .618 of the previous move down. We have corrected at each key fib on this leg up and I expect us to do the same here. My money is on a larger correction which bounces off the bottom of our trend and then takes us down to the .618 (just above 6400) of this move up. Good luck.

steve.elliott

I've been wrong before, but..... Even if the bulls are in control (Which I still doubt), they are not pumping it here. They will be looking for a better price. Divergence on the hourly and 4 hour and some key points in play where we are - Looks like a minimum of 6.900 to me. Cue the whales to prove me wrong ;)

steve.elliott

Topped out twice on resistance - must come down for a breather now.

steve.elliott

Generally, channel looks good still, but overbought on 4 hour and kicking off top of channel suggests a little restbite down before we continue.....

steve.elliott

I think we need a break to refuel - seeing some bearish divergence on the 1 hour (you can see the previous correction showed the same). Looking for around 1198 before a next leg up.

steve.elliott

Break of wedge, retest and what seems like a rejection (as of writing) - Looking for confirmation and then going short down to 6 or lower.

steve.elliott

Too obvious to be true. That's good enough for me. Good luck and green pips.

steve.elliott

Not much time - here's my brief take on upcoming action. Green Pips. Good luck

steve.elliott Updated 

4 hour running out of steam. Likely need a correction to refuel. My eyes on 8200 and 7400 as possible places to add, but also watch for the continuation down on a bounce down there. I'll add at these points but take off again if it doesn't fuse as expected.

steve.elliott

This is a breakout. Unlike any other breakout that's occurred since Christmas. Money has moved in off the bottom. Sure we are all left a little bit shocked at the speed of the movement, probably most are still looking a bit confused as they expected lower (myself included)....but if ever you wanted a signal that the bottom had hit, then you got it...

steve.elliott

Nice bounce off a longer term trend - anticipating that might be good to push us south. See you at the bottom....;)

steve.elliott

Mine seemed to stop at 9.00 this morning.

steve.elliott

Hold tight. Buckle up. If you look down and focus on that small dark piece of shimmering water at the bottom, every now and again, you'll see the reflection of the moon above us come in to focus. We are getting closer. Not to the moon, but to the reflection at the bottom of the well. The good news is that when we make a splash, we know we've hit bottom, and the...