Bear Continuation for Despair Targets
Triangle (likely bear continuation)
Monthly and weekly volume favours bear
Final week of the month and we're above monthly 50 EMA by a small margin (a correction could close monthly red and bring us below 50 EMA; in turn acting as heavy resistance)
Long term short target 3.1-3.2k minimum for supply zone / potential double bottom reversal and monthly 50 SMA support.
1. 4k dead zone (within curved line) short target 3.5k
2. Re-short above 3.5k upon clear indication of bear continuation
3. Take profit and long 3.1-3.2k, see how market reacts before proceeding
I removed the tools and strategy's (long and short term) that helped me with my analysis for aesthetics.
This is not trading advice. I'm a noob... I just want to be able to look back on this and smile if all goes to plan :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.