Area of consolidation and potential correction after large spike
Updated
Following very strong movement that has seen the price move strongly off the moving averages. Indicators are showing overbought on all TF from 1 hour to 1 day. I suspect we will pull back to at least the 6000-6100 level. If it holds we will most likely return to test the ATH. If this levels fails, there is the potential for a larger drop to the Kumo at 5700.
Note
Well we hit 6175 twice, and it has returned to test the ATH. Still very bullish momentum in the markets. I'm currently waiting for a cross of the ATH before committing more capital to the trade, as I'm waiting to see if bullish pressures are enough to overcome the ATH set last year which trapped so many people, and I still see overbought indicators on the daily, so a little risk mitigation at this point, because there is still real risk that we need a larger correction before attempting the ATH.
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