ridethepig | Jan 4th Low are Hanging!
Updated
📌 ridethepig | Jan 4th Low are Hanging!
Buyers were hoping to play a 'manoeuvre' on the pivot level (worth considering that sellers were not having any of it!) the rejection was a flawless setup and quite rightly trailing our stops with some breathing room was the right move.
In order to establish a breach of the Jan 4th lows permanently(?) on this next move, sellers had to achieve this at the cost of a pullback but can now force continuation, for the win. All perfectly natural and inline with our trailing stops. With 'A' already taken in our ABC, the 2021 lows on Jan 4th are now hanging. A simple break of minor support at $30,900 will be enough to open the momentum.
Clearly this final swing is getting slippery, so we need to define some parameters for reassessment.
↳ If we cannot break below the $30,900 minor support over the coming sessions, it will indicate the start of an impulsive leg cooking towards $39,200.
Thanks as usual for keeping the feedback coming 👍 or 👎
Buyers were hoping to play a 'manoeuvre' on the pivot level (worth considering that sellers were not having any of it!) the rejection was a flawless setup and quite rightly trailing our stops with some breathing room was the right move.
In order to establish a breach of the Jan 4th lows permanently(?) on this next move, sellers had to achieve this at the cost of a pullback but can now force continuation, for the win. All perfectly natural and inline with our trailing stops. With 'A' already taken in our ABC, the 2021 lows on Jan 4th are now hanging. A simple break of minor support at $30,900 will be enough to open the momentum.
Clearly this final swing is getting slippery, so we need to define some parameters for reassessment.
↳ If we cannot break below the $30,900 minor support over the coming sessions, it will indicate the start of an impulsive leg cooking towards $39,200.
Thanks as usual for keeping the feedback coming 👍 or 👎
Note
Eyes on minor support giving way...
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