Short

The descending triangle no one want's to take seriously ....

Updated

Sorry to say .. the pattern is clear as day ( maybe a bit to clear ).
Lower highs for the last 6 months indicates bullish weakness.

Target of this descending triangle is sooo deep I will not even entertain it yet but a break down would put us under 4K easy.
Be safe !

Note

Ok - things start to align well ..
Just need shorts to finally capitulate and maybe a 'cherry-on-the-top" nice bearish div. and we are set to finally break the 6K support once and for all.

Note

Ok : Finally Shorts have capitulated and are dropping.
Things are almost perfectly lined up !

Note

Never got the Longs into the game and as expected - not dumping.
We might see that 6980 after all it seems.
Been only scalping this range - no real positions commitment yet.
Original Idea still stands:
6900-ish is a short until:
- a clear break of the bear trend as invalidation ~ 7400 +
- or original short target as taking profit area ~ 4800
Good luck

Note

Took way longer than anticipated - even if the target hits I will still view this trade idea as a failed one. Timing is as important as entry.
For continuation purposes: The same targets remain - I expect us to backtest the triangle breakdown levels before going to sub 5K.
Good luck!

Note

Ok - Blue box hit ..

John_N

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