It is my opinion that the bulls will win the fight when we get to the golden zone, .618-.65 fib retracement zone. HOWEVER, the market has been VERY bearish. There remains the possibility that this zone does NOT hold. If you enter a trade, set a stop loss at 7600 or even consider selling a bit higher if you don't see volume pick up quickly.
I'm entering a trade. Pray for me.
Here's more specifically what we are looking for in the Bullish scenario. Completion of this would initiate wave 3! We love wave 3.
Note that we have now returned back below the previous downtrend line. This is not good news either. This means that we will have further resistance on the way up. You could take a conservative approach by not playing ANY of this section and waiting to enter a trade until after we break back above that downtrend.
I'm entering a trade. Pray for me.
Here's more specifically what we are looking for in the Bullish scenario. Completion of this would initiate wave 3! We love wave 3.
Note that we have now returned back below the previous downtrend line. This is not good news either. This means that we will have further resistance on the way up. You could take a conservative approach by not playing ANY of this section and waiting to enter a trade until after we break back above that downtrend.