After breaking new highs we have pulled back. I have drawn a new buy zone. A 50% retrace from the HIGH of the first 50% pullback that supported in this trend. In a heavily trending market like this you frequently get highs-highs 50% retraces instead of the more traditional lows-to-highs 50% retraces.
Daily timeframe target remains the $3200 area. FOMO top at $5000? See my prior posts.
Daily timeframe target remains the $3200 area. FOMO top at $5000? See my prior posts.
Note
We already have buying tails, but we may bounce only slightly - up to 50% of the pullback and then head lower into the buy zone in a three wave pattern down to the buy zone. Or maybe we just bounce straight back up to new highs. Who knows. Buyers are aggressive. I would certainly prefer a pullback into the buy zone to shake out the weak hands.Note
We got a solid test of the buy area and are bouncing. So far buyers supporting the bounce even after a pull back.Note
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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.