Good Evening and I hope you are well.
comment: Bulls making higher lows and closing 4h bars at the highs. They need a 1h close above 22900 for more upside. Until the bear trend line is broken, bears are still in control though. 22600 is a bad spot to trade. Either wait for a bigger pullback or a breakout. We are currently inside the big bear channel and a smaller bull channel. Breakout mode and will likely see a bigger move over the next 1-2 days.
current market cycle: trading range - bull trend clearly broken now
key levels: 22000 - 24000
bull case: Bulls need a 1h close above 22900 and they should not let the market drop below 22500 again. That’s all there is to it. Wait for the breakout.
Invalidation is below 21900.
bear case: Not making more stuff up here. Bears need lower lows again and stay inside the bear channel. Below 22500 we likely sell off to 22300 or finally for 22000.
Invalidation is above 22900.
short term: Neutral around 22600. Watch the chart. Contracting range and 2 channels. Wait for better structure or clear breakout.
medium-long term from 2024-02-26: As much as I would love to see this 30% lower, it’s not happening anytime soon. Market will probably has to move sideways for some weeks before this could go down. Daily close below 22000 is needed to turn this neutral and end the bull trend-.
current swing trade: None
trade of the day: Yesterday I told you to be bullish. Bullish it was. 500 points.
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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.