Hello, first time posting. New at trading, learning the strategies and patterns.
I see a solid double top has formed and we're looking at the neckline at 9400. If it crosses that, then we could short with a stop loss at the top of the peak (11700) and a target of 7100.
I'm still new and shorting is too risky for me atm, but I did sell my position already near the peak of the second top. Had a feeling and once it stated to drop I got out. Looking to see when it will bottom out so I can buy back in.
I see a solid double top has formed and we're looking at the neckline at 9400. If it crosses that, then we could short with a stop loss at the top of the peak (11700) and a target of 7100.
I'm still new and shorting is too risky for me atm, but I did sell my position already near the peak of the second top. Had a feeling and once it stated to drop I got out. Looking to see when it will bottom out so I can buy back in.
Note
Oh, and the trend lines are from the 1y path. Looking at the long term trend. We're still above that, so I think breaking the neckline and dropping back down into the 7000-9000 range is likely.I love how the bottom of the long-term correction hit happened to hit 6000 right at the long term lower trend line. Anything below 8,000 seems to be a great investment buy.
Since the recent dip was new oriented, we'll probably see some correction upwards first to the 103000ish area, and then finally a down below the neckline and a plunge down to sub 9000.
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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.