In my previous chart I said I was officially neutral (unofficially bearish), and that I'd become bullish above $9193 and bearish below $8450. If we zoom in we can see how the bull have held fiercely to the $8450 support level and now it seems the local trend line is holding too, which makes the bull side appear to have a slight edge, as the bears seem unable to reach the break down territory. However, this is not necessarily inconsistent with an overall bearish outcome, since we can see the formation of a possible lower high on the overall trend (looking at the weekly and daily charts).
This is why it's important to wait and just observe sometimes, like right now. We're witnessing a conflict, a battle that's still developing and which outcome we do not know, but that some people are foolish enough to think they have figured out.
I'm still unofficially, just because it's what the overall trend tells me, but I will only choose to assume risks once this situation is resolved.
Cheers!
This is why it's important to wait and just observe sometimes, like right now. We're witnessing a conflict, a battle that's still developing and which outcome we do not know, but that some people are foolish enough to think they have figured out.
I'm still unofficially, just because it's what the overall trend tells me, but I will only choose to assume risks once this situation is resolved.
Cheers!
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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.