Okay so we care currently bouncing back and forth of two fairly strong trendlines, just recently bouncing perfectly off the top of the new resistance line , making it 3 widely separated touches and confirming the trend line. While we have side=ways movement. we are also pushing into the end of a very large descending wedge pattern, which we have been in for some time, we have yet to have broken either of these main trendlines and actually. we just confirmed both of the above lines at the same time. We should continue this movement slowly moving down until breakout. Now if my original path holds true we will break south until we hit 7920 which is a massive support line and where I have predicted the nest pull back from the current motive wave, which is the 3rd wave in the c wave of the abc correction I predicted. So far we have been pretty much on the money but luck does play a large part in this also because in the end. we are playing for the best probabilities and to be fair a failing wedge is generally a continuation pattern, so if history holds true it should break above and with some considerable movement, dependant on Volume
SO,
Down or Up
A) We are still in a correction until around but the 7k prediction is not set in stone, we must be like water (Thanks Bruce), we must be fluid, ready to change at will.
B) The wedge ends around 8600, which still feels a little high but could possibly be the bottom. So keep a close watch and get ready to scale in your buys if it confirms a break to the north of the wedge, I will. As far as I consider, this wedge is the main game here and if it pushes north, the 7k bottom is a hindsight and it's time to move on.
C) This pattern generally equals a continuation of the early uptrend
D) We have some convergence on the rsi, which indicates a drop in price.
E) STOCH is well over 80, so we are oversold but this can hold for a long while.
F)MACD is well under 0 and has been there for a while
G) all my MA indicators would have me shorting. 5&8 are well below 13&17
H) 200ma is sitting at teh bottom of the wedge, so it should be a devent support but if it breaks, look out.
I) 100 ema is sitting on the top of the wedge and will be a decent risistance.
Your Job, if you choose to take it is to take these variables into consideration and decide for yourself where we are headed but if you are smart and wait for confirmation, it is hard to lose.
Good LUck and Happy Trading. Don't forget me, when you become rich. ;)
SO,
Down or Up
A) We are still in a correction until around but the 7k prediction is not set in stone, we must be like water (Thanks Bruce), we must be fluid, ready to change at will.
B) The wedge ends around 8600, which still feels a little high but could possibly be the bottom. So keep a close watch and get ready to scale in your buys if it confirms a break to the north of the wedge, I will. As far as I consider, this wedge is the main game here and if it pushes north, the 7k bottom is a hindsight and it's time to move on.
C) This pattern generally equals a continuation of the early uptrend
D) We have some convergence on the rsi, which indicates a drop in price.
E) STOCH is well over 80, so we are oversold but this can hold for a long while.
F)MACD is well under 0 and has been there for a while
G) all my MA indicators would have me shorting. 5&8 are well below 13&17
H) 200ma is sitting at teh bottom of the wedge, so it should be a devent support but if it breaks, look out.
I) 100 ema is sitting on the top of the wedge and will be a decent risistance.
Your Job, if you choose to take it is to take these variables into consideration and decide for yourself where we are headed but if you are smart and wait for confirmation, it is hard to lose.
Good LUck and Happy Trading. Don't forget me, when you become rich. ;)
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Due for another pullback Note
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I hope we all stayed calm and waited for the breakout overnight. Some great profit was to be made. Yesterday was a great trading day for both the bears and the bulls if you were able to adapt when the tide turned.
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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.