From my personal opinion, I am seeing a Leg down followed by a correction, followed by a measured move back to 3500. It measures out perfectly. I have an OCO order for 3818.50 short with a 1.5X ATR stop of 50 points. Target is just shy of 3500 or a 6:1 opportunity. I will add positions upon further GBI's once in profit, IF, trade executes. Price must trade below 3818.5 in order to get a fill.
The scenario that could be bullish is that the triangle lows of 3800 is still higher than the NOV CPI of 3750. That would then mean that the triangle will be a reversal pattern. Or it could be a false reversal and retrace back up 4000.00 for the real wave down. If price breaks to the upside, I will stay out and wait. I do not want to be a buyer in an overall down market. Especially under a flattening 200sma. There is just too much selling pressure.
The weekly chart shows a giant bear pin hammer with a 300-point tail. That shows extreme price rejection. I can't see how big banks would load up short positions just to become bullish to trade above 4200.00
I believe that the bullishness we saw on the last trading day is to sucker in higher level longs plus take out shorts before the real move down. Nobody gets a free lunch.
Entry: 3818.50
Stop: 3868.50
Target: 3518.50
The scenario that could be bullish is that the triangle lows of 3800 is still higher than the NOV CPI of 3750. That would then mean that the triangle will be a reversal pattern. Or it could be a false reversal and retrace back up 4000.00 for the real wave down. If price breaks to the upside, I will stay out and wait. I do not want to be a buyer in an overall down market. Especially under a flattening 200sma. There is just too much selling pressure.
The weekly chart shows a giant bear pin hammer with a 300-point tail. That shows extreme price rejection. I can't see how big banks would load up short positions just to become bullish to trade above 4200.00
I believe that the bullishness we saw on the last trading day is to sucker in higher level longs plus take out shorts before the real move down. Nobody gets a free lunch.
Entry: 3818.50
Stop: 3868.50
Target: 3518.50
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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.