Been out of the country, going to try and start posting some charts again. Given recent market movements, there is a strong case for the bulls, which I will post following this. I am, however, still in favor of staying in tune with the trend until it looks invalidated. I think the bearish case would be we are either going to consolidate in a sym triangle here for the next several weeks to form our wave B of wave 4. After which I would expect a hard break down into our C wave. Targets would be 61.8%, 100% and 138.2% of wave A. Shown here is the log-fib extensions of wave A and their corresponding targets. Notice also the hidden bearish divergence on OBV, RSI and several other indicators (lower high/higher high). I think of hidden bear divs as winding up for the next move, giving the indicator space for further downwards movement. In the near-term I have a small short position open with stops above $9250 and targets at $8375 and $7750.
Frankly, I'm about 60/40 leaning bearish. We've seen strong 5-wave structured moves up across the market, but I'll get into this in my next post.
*This is not financial advice*
Frankly, I'm about 60/40 leaning bearish. We've seen strong 5-wave structured moves up across the market, but I'll get into this in my next post.
*This is not financial advice*
Nota
Hmmm
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.