The market has come all the way down to the weekly breakout and the correction fibo 78.6 with an impulse.
After such a fast impulse bumps into a strong support, chances are high that some kind of a correction of the impulse will come.
It doesn't mean, it turns from here, and goes to new highs, though!
The daily countertrend breaks above the daily impulse base (higher green level), but the countertrend line breaks at the daily breakdown (lower green level). Above that, if the waves support, the bull trend resumes.
Below the long trigger zone, every move up is only the correction of the correction, therefore, quite risky.
There is space to take the long side from here, though, so It may be a good opportunity for a good day trader. I'd definitely wait for H4/H1 to turn waves long.
The price may go to the weekly impulse base, but I would wait with the short until the market is trading below the weekly breakout. The reason is that at this phase, accumulation may kick in, with sudden ups and downs on the market.
What's is your opinion about this market? Fell free to share it!
———
We may not know what will happen, but we can prepare ourselves to respond effectively to whatever unfolds.
Stay grounded, stay present.🏄🏼♂️
Your comments and support are appreciated! 👊🏼
After such a fast impulse bumps into a strong support, chances are high that some kind of a correction of the impulse will come.
It doesn't mean, it turns from here, and goes to new highs, though!
The daily countertrend breaks above the daily impulse base (higher green level), but the countertrend line breaks at the daily breakdown (lower green level). Above that, if the waves support, the bull trend resumes.
Below the long trigger zone, every move up is only the correction of the correction, therefore, quite risky.
There is space to take the long side from here, though, so It may be a good opportunity for a good day trader. I'd definitely wait for H4/H1 to turn waves long.
The price may go to the weekly impulse base, but I would wait with the short until the market is trading below the weekly breakout. The reason is that at this phase, accumulation may kick in, with sudden ups and downs on the market.
What's is your opinion about this market? Fell free to share it!
———
We may not know what will happen, but we can prepare ourselves to respond effectively to whatever unfolds.
Stay grounded, stay present.🏄🏼♂️
Your comments and support are appreciated! 👊🏼
Note
A detailed explanation of the phases of the possible long trend continuation.
Day trader capitalizing on the expansion phases of emerging trends.
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Day trader capitalizing on the expansion phases of emerging trends.
MORE CHARTS & FREE EDUCATION // coming soon
SUBSCRIBE 🚀 themarketflow.trading
MORE CHARTS & FREE EDUCATION // coming soon
SUBSCRIBE 🚀 themarketflow.trading
Related publications
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.