Did we get our 3rd DCL a few days ago?
I think if we get a confirmed swing low by closing above 10sma, we are in the 4th cycle and Scenario #1 is in play. Price can go up to 50sma area, before heading back down.
If we drop from here, it will be scenario #2 and 3rd cycle will continue further.
My bet is on Scenario 1 and will be looking to short near 50sma with stop above $1306
I think if we get a confirmed swing low by closing above 10sma, we are in the 4th cycle and Scenario #1 is in play. Price can go up to 50sma area, before heading back down.
If we drop from here, it will be scenario #2 and 3rd cycle will continue further.
My bet is on Scenario 1 and will be looking to short near 50sma with stop above $1306
Note
Looks like we will be getting our confirmed swing low and I would say the start of the 4th cycle. Still on the sidelines to see what transpires, but expecting to short close to 50ma.
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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.