Daily flat about to be completed

By mark124

Updated

Shorts about to be squeezed and market participants likely get bullish straight into finish of wave "C" ;)

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Bare in mind that even 7.6-7.7 is enough to complete flat. Doesn't have to go that high as marked on the chart.

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Going with plan.

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Some data not present on chart:

reversal zone is quite wide and around 8280-8650 so it might go little bit higher than marked.

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Target was hit

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However we see that this is quite strond indeed and might overperform towards 9200 area. If it does, then it's more like ABC correction - not a flat one.

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Market might retrace to 7.8 with quick crash anytime from now. Odds are not big but stay prepared.

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Either with correction or without.

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In case of correction it should be quick one with long wick.

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Initial target were hit with precision up to 5$.

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Inv about 10.45 stamp. Reveral zone is quite broad from 9 to 9.6, not looking for tops or bottoms as always.

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Measured target for H&S from bottom is around 9440. Dont get caught in bullish euphoria here. This is potential reversal zone which can result in great multi-day swing play.

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Target hit with few dollars precision

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However we expect that this might get pulled up for one more strike up.

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Bottom is just rough estimation.

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Today is friday so cme close, if this doesnt get pulled to at least 8.7 before close - 7.9xx-8xxx visit might be on cards.

In this case the proper spike up we mentioned above might get delayed until next week.

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In theory area was areached, but timings might not allow this one to trigger (READ ABOVE UPDATE). Weak CME close will result in further selloff during the weekend.

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CME Closed at 8.5, this is not bad and no good. Staying neutral.

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As update: we're expecting market to make some new local lows then bounce towards target market in above chart (9xxx). The possible reversal zone is from 7950 to 8130.

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Previous idea from update invalidated . Market should reach 9.6-9.8 after some pullback from 9.4

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Worth to be aware of this line, while everyone will be watching 9.7 - the most obvious target.

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We're leaving our long positions in this eclipse, if we get there

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Channel to watch as well (btc likes to sometimes break to upside in euphoria stage)

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We're closing 30-35% off long positions at around 10300-10430 zone.

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Next TP zone at 10900

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As we forgot to update: We currently refilled 30% around 9400 and are still expecting to reach 10900.

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Change of plans. We scaled out of entire long position.

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We'll be back to longs, only if market reclaims 10500 with strong close above.

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Soon to be done, slight underpowerformance on top but expecting reach of 9150-9300. Anything below might signal deeper correction in place.

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Target hit. Possible stop hunt before scenario below (to ~8.8).
Invalidation of scenario - 1D close below 8.75

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Previous idea manually invalidated. New one:

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Killing last idea as well although the inital target was reached.

Staying fully neutral for next days.

mark124

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