If the price break any black trendline. the trend will change I guess.
in term of RSI, it feels like retesting the higher low. so I assume that the price might go down first then pull back. If it's not gonna make it, it will drop like a hot bullet. you could see the fibo that I have drawn.
for current situation (short term, weekly), I go -> bullish 60% bearish 40%.
But in the Big picture (Bearish till 20500)
If we count Elliot wave we are in the set of correction of A-B-C-> currently we are in high B(31,850)-> C(around 20300-20500 is a fair value to all in) If it really hits 20500 I will all in.
which is higher low from the last massive drop (15465.5). Could see this happen in the next year (fed could make market down at Q4 this year and Q1,Q2 Next year.) then Q3,Q4 next year we might got a "Quantitative easing". and the price might went up (hopefully)
in term of RSI, it feels like retesting the higher low. so I assume that the price might go down first then pull back. If it's not gonna make it, it will drop like a hot bullet. you could see the fibo that I have drawn.
for current situation (short term, weekly), I go -> bullish 60% bearish 40%.
But in the Big picture (Bearish till 20500)
If we count Elliot wave we are in the set of correction of A-B-C-> currently we are in high B(31,850)-> C(around 20300-20500 is a fair value to all in) If it really hits 20500 I will all in.
which is higher low from the last massive drop (15465.5). Could see this happen in the next year (fed could make market down at Q4 this year and Q1,Q2 Next year.) then Q3,Q4 next year we might got a "Quantitative easing". and the price might went up (hopefully)
Note
current open short position, If it hits my SL. I will go long for a short term play.Note
EMA 50 is dead crossing EMA 200 on 1Day time frame. + RSI also dead crossing down.Expecting huge drop incoming.
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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.