As per my other current analysis; based on the structure of the geometric fractal and other indicators - I have adjusted accordingly based on the latest information. Ultimately the end goal is the same, but the path to get there is slightly different. I think we will now find resistance around the orange line and retrace to retest the pink support line. If you are not long yet, wait for this retest. I will be closing longs from 11,100 in the region of 11,750-11,850. I will also ladder in shorts at these levels.
Note: there is still a chance my original (last) analysis is correct, though I am erring more towards this one. This being said is why I suggest laddering in longs/shorts etc - just in case it goes higher or lower than expected.
Note: there is still a chance my original (last) analysis is correct, though I am erring more towards this one. This being said is why I suggest laddering in longs/shorts etc - just in case it goes higher or lower than expected.
Note
Have reached first take profit level. I have closed longs and am switching to shorts. I am being mindful that my original idea was that we would go up as high as the purple resistance line; so keeping this in mind I have shorts laddered in throughout the green zone highlighted below (though I do not believe by any means that they will all be filled!). Note
My average entry is 11,910. Stops moved to break even. Placed a couple new short orders for 11,800 and 11,850 to increase my short position as we might have a little wick up before we go down further. Note
Stop moved to in profit 11,810Note
Small bear flag to take us down to the bottom of the triangle shortly. Note
And we have our first touch of the pink support line. We should touch it again to confirm before moving back up (around 11,250ish). Either way; now is good to start going long again. Note
Edit - there is a chance we go a bit lower and my triangle support line is a bit off. I have longs laddered in $50 intervals between 11,300 down to 11,100.Note
Commencing our journey up. My average entry is 11,249. Trade closed: stop reached
Stop Loss hit. Fractal Broken. Look for new set up. 
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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.