Here is an update to my previous idea. I had mistakenly drawn the trendline from the middle of the channel. This chart better represents the channel that we're in. I still believe we head towards ~6900s. Until confirmation of a breakout from this channel I'm still short-term bearish. Volume just simply isn't there despite the RSI still being oversold. Wait for confirmation of a breakout from this channel. In the event of a breakout, first area of resistance will be at ~7800s.
This is not financial advise, it's just an idea. Feel free to share yours. Cheers!
This is not financial advise, it's just an idea. Feel free to share yours. Cheers!
Komen:
She's still following the channel. I would consider this a no trade zone. Wait for confirmation of a breakout. If she consolidates enough we could see an attempted breakout of the trend-line however, I would say anything below ~7700 is a bull-trap. Again, we're aiming at ~6900