Even though I am still not convinced that this rally is real, I will still participate in it on the next pullback for the next leg up for about 150 points. The all time high is just a skip away. After the last two weeks of sideways consolidation, and the Friday NFP gap up, I believe it will go sideways between 4625-4680 until the end of the week for the next impulse move higher.
The 200sma on the hourly is rising = Bullish position
The 21ema on the hourly is also rising = Bullish Position
I took a loss on my last trade trying to short even though there were no sell signals yet. Currently there are no sell signals as well and only strong buy signals.
The 200sma on the hourly is rising = Bullish position
The 21ema on the hourly is also rising = Bullish Position
I took a loss on my last trade trying to short even though there were no sell signals yet. Currently there are no sell signals as well and only strong buy signals.
Note
Three levels of confluence and support suggests another move higherNote
Projected price action for the upcoming week. I expect a sideways movement and the falling wedge on Thursday for the gap up Friday for the next leg higher.Note
This uptrend on the daily is ultimately, a bear flag on the monthly. I will continue to ride the uptrend until the bearish trend takes back over.Note
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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.