If breaks S/R at $270, then uptrend violated. Higher highs and higher lows = fail.
If breaks S/R at $270, then look for 0.50 or 0.618 retracement.
Short
-Bear Volume increasing as price decrease
-indicators on larger time frames show room to move south.
-(short term indicators showing exhaustion- look for short term bounce north)
wait and see for trade
-3 outcomes-
1. -Double Bottom at $270 and moves north- setting new HH and HL- uptrend intact
2.- Bounce off $270 and consolidation (tightening range- LH and HL)- ready to be break out either direction- buy breakout
3.- violation of $270 south and violation of uptrend-HH and HL, further movement south to common Fib levels
I think it #2 will probably happen. Bounce, consolidate, and move further south- we'll see. Good luck
If breaks S/R at $270, then look for 0.50 or 0.618 retracement.
Short
-Bear Volume increasing as price decrease
-indicators on larger time frames show room to move south.
-(short term indicators showing exhaustion- look for short term bounce north)
wait and see for trade
-3 outcomes-
1. -Double Bottom at $270 and moves north- setting new HH and HL- uptrend intact
2.- Bounce off $270 and consolidation (tightening range- LH and HL)- ready to be break out either direction- buy breakout
3.- violation of $270 south and violation of uptrend-HH and HL, further movement south to common Fib levels
I think it #2 will probably happen. Bounce, consolidate, and move further south- we'll see. Good luck
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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.
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.