So the moves lately (light blue numbers) have been similar to the yellow numbered pattern that occurred recently on a much smaller scale.
I will be looking closely to see if we form an inverse head and shoulders on the four hour/hourly chart or if we shoot up to 8600ish without forming a right hand shoulder. If so then a lot of people will be going long hoping for 8800, 9K or even 10K plus. However if the pattern follows the previous pattern than we can expect a retrace to the long term resistance/turned support line before another bounce up to 8600. From here we sink lower to retest the new support line at around 7000 before our next impulse up to 11,600ish. This would also form a cup and handle pattern.
This is just something I spotted that may or may not eventuate.
I will be looking closely to see if we form an inverse head and shoulders on the four hour/hourly chart or if we shoot up to 8600ish without forming a right hand shoulder. If so then a lot of people will be going long hoping for 8800, 9K or even 10K plus. However if the pattern follows the previous pattern than we can expect a retrace to the long term resistance/turned support line before another bounce up to 8600. From here we sink lower to retest the new support line at around 7000 before our next impulse up to 11,600ish. This would also form a cup and handle pattern.
This is just something I spotted that may or may not eventuate.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.