Textbook bear flag correction on the way down to 10,300 - after that expecting rally to wrestle with the old yellow bear trendline, then finally onwards to 13,600 high target
Right now we're just bouncing around inside the white ranging box (between the 50% fibs of both moves).
Note how the big selloff rebounded to the 0.705 OTE retrace, so I'm expecting the same for this correction of the rebound itself, before rallying.
And yes, will end up painting a big bearish Gartley, so expecting a fall after high target
Right now we're just bouncing around inside the white ranging box (between the 50% fibs of both moves).
Note how the big selloff rebounded to the 0.705 OTE retrace, so I'm expecting the same for this correction of the rebound itself, before rallying.
And yes, will end up painting a big bearish Gartley, so expecting a fall after high target
Trade active
flag resolved as expected with a solid dump ;) looking for it to settle on the 0.705 Trade closed: target reached
Dumpers got a little spooked, but still ended up touching the 0.764 retrace fib nicely. Loooots of calls for heading straight south for 8-9K, but there's big walls at 10K, and we should start consolidating and getting ready for the rebound soon Note
another view which shows the long brown trendline where we just touched bottom at 10K Trade active
bounce in progress. expect pause/pullback when we approach the downtrend shoulder line, which will also setup the inverse H&S Trade active
wonderful micro fractal of the larger move -- we just rebounded quickly from the 10K local bottom, and the reached back down to kiss the 0.705 OTE of this 15min rebound. That just happens to be the same 10,300 price level as the OTE I posted in the original hourly chart that we were aiming for after the rebound of Jan 17th. Trade active
in this kind of reversal territory, with people expecting 8K right away, you're not going to get tidy touches. Expect whiplash and excess. But retrace is done, time for bounce Trade active
Despite all the drama down here, and incessant calls for drop straight to 8K -- all this congestion has just formed a solid support floor, with 10K holding tight for a double bottom. Note the incoming and outgoing trendlines, expect price to dance up and down them on the way out just like it did on the way in. Note
Another view that shows how even the panic wick (thanks, weak hands!) that pushed briefly to 9900 was just a second touch of the channel bottom. Expect another pullback and consolidation when we hit the 12K channel top Note
Perspective... zoom out... Note the red trendline coming all the way from the ATH. We've already fallen out of this channel recently with the forceful selloff to 9K and then jumped right back up in it --- thus channel harmonics demand that the next breach be on the upside ;) Trade active
rebound flagging, testing the topside of the local shoulder line, but we haven't wrestled with the channel top at 12K yet Trade active
still crawling out of the gutter, currently wrestling with the 11,100 S/R level (goes way back to the first selloff from the ATH) Note
I've got a new optimistic high target, based on the 1.618 fib extension (and the obvious channel top, which I didn't think the bulls had enough juice to reach). The Weiss Ratings are about to drop in 2 hours, and could provide rocket fuel... Note
Still higher highs, higher lows, crawling up slowly from the wide-bottomed reversal ;) Note
still no breakout energy, and we're in danger of dropping one more time to recharge. If so, expect another quick test of the 10,500 zone. Could be just the thing we need to finally bust out the top Trade active
another triangle bottom touch would look like this on the original chart Trade active
First kiss of downtrend shoulder line -- pullback from that kiss shouldn't be a surprise. Remains to be seen whether we fall from here back to the triangle bottom or we hold this level and pop the top. We've been slowly crawling up quite the ascending wedge, wouldn't take much to drop out 
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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.