Confirmed Rejection off Channel Resistance - let's easily clear the CME gaps highlighted with the huge ATR (volatility) and bearish momentum. Also hit simple moving average middle BB band for resistance and the target puts us at the .786 Fib Level all nicely coinciding for strong resistance.
Note
Note: I am still looking at the possibility of a larger diamond top forming as follows: Note
5 Min - looking set to bring us back to 10,800. Diamond top, ascending wedge. Order cancelled
I am not super convinced on this anymore. And more 50/50 on a possible move up to 12,600 and forming the larger diamond top. Have taken profits from 11850 to 11600. And waiting to see what happens. If we do fall I think it will only be as far as 11,300 before a bounce which could take us up to 12,600. Have placed a hedge long (small value) from 11,580 with a stop at 11,100 to catch the ride up if it comes.
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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.