Important Swings to watch
After a decent period of time, decided to share next possible targets and scenarios on long term on trading swings. I have renewed the prior longterm channel,which I posted half a year ago, with the next levels for Fib Channel, as they have given some great entry opportunites ever since, shorting all this on the trend at these level has been very porfitable. We are now sitting on a new level. Breaking the 220$ will be bullish for a new bullrun which could have a target of almost 250$, or after some retrace even to 320', which is a major resistance, and would be too risky for profits to wait to break it either, better close longs if getting there, in both cases, after some bearish signals or breaking levels back would be a good moment to find good shorting entries and tracking them back to the downtrend to even new lows. Next, should it fail now to break 220, going under 200 would mean to find a good entry if the price retraces slowly, almost on sideway, or even better, when breaking the violet line level, and retracing under it, would be a good short entry for getting to new lows. In all cases, new lows create panic, best is to close shorts during panic, and buying little by little when panic selling is starting to lose velocity.
I have posted this chart, as it gave me during last months some great shorting opportunities and wanted to make an update of next to come, especially for swing trading entries. All in all, the downtrend will still continue and without any doubt this does not look as a reversal, you will have good chances to buy it even cheaper in the next period to come, so it is strongly adivisable to avoid panic buying if it spikes instantly.
Best regards and good luck in trading!
I have posted this chart, as it gave me during last months some great shorting opportunities and wanted to make an update of next to come, especially for swing trading entries. All in all, the downtrend will still continue and without any doubt this does not look as a reversal, you will have good chances to buy it even cheaper in the next period to come, so it is strongly adivisable to avoid panic buying if it spikes instantly.
Best regards and good luck in trading!
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