Previous upswing failed to breakout, and the 0.618 level was breached, meaning that a much more bearish move is to come. I am targeting around 3200 to even 3100 for the next downturn.
Short level: 3700-3750
Target Profit: 3200
Stop Loss: 3850
Short level: 3700-3750
Target Profit: 3200
Stop Loss: 3850
Note
Daily chart MACD is showing a rejection of the bullish incursion.
Note
Stop Loss MUST be respected as a breach of the 3850 level could mean a return to 4k levels and short positions liquidated en masse.Trade closed: stop reached
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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.