Take a look at the chart.
I see 2 possible scenarios playing out.
1. ABC Correction. we can be moving downwards in wave C and be heading to next support around 9K.
This would be good as we would close our position and get ready to re-enter as we catch the bottom and see bearish exhaustion and ride Elliot wave 12345 upwards, as cycle starts. This should go to 25K-40K, yes, range is wide, but I will not give specific targets if I do not know them.
2. Double bottomish bounce. If we look beforehand, we can see all correctional cycles do not bounce one, we could possibly have bounced on 2nd one and be heading towards downtrend line.
If bull is rejected on downtrend line, we will see further downward movement.
If bull breaks through downtrend line to upside, we will buy and open long trades, as we should see a rally.
I see 2 possible scenarios playing out.
1. ABC Correction. we can be moving downwards in wave C and be heading to next support around 9K.
This would be good as we would close our position and get ready to re-enter as we catch the bottom and see bearish exhaustion and ride Elliot wave 12345 upwards, as cycle starts. This should go to 25K-40K, yes, range is wide, but I will not give specific targets if I do not know them.
2. Double bottomish bounce. If we look beforehand, we can see all correctional cycles do not bounce one, we could possibly have bounced on 2nd one and be heading towards downtrend line.
If bull is rejected on downtrend line, we will see further downward movement.
If bull breaks through downtrend line to upside, we will buy and open long trades, as we should see a rally.
Komen:
hourly candle closed above resistance, trade active, will add to position if resistance is tested as support, 5% from entry