Daily RSI approaching 83. Significant pullback is imminent. Possibly will fall close to 125 day moving average on daily chart (5500), however given increased attention from institutional buyers and the general public, I expect it may reverse to an upward trajectory earlier (possibly at 7000) so I'll be placing some staggered buys for the journey downwards.
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Pullback in progress. Currently forming a bearish flag indicating further downward movement.
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0.618 fib touch. Time for a retest of the low?
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Looks like a rising wedge has formed.
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Now going for a retest of the 9000 low
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Bounced off 100 EMA up to 50% fib. Still looking bearish.
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Fallen out of bearing flag. Next stop 8100 ?
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*Bearish flag
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Sorry getting ahead of myself. Retest of 9000 needs to happen first.
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Broke below 9000. Currently retracing with further downward movement likely.
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Price bounced up to the 61.8 fib measured from the 10542 high. Let's see where we go from here.
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Looks like a breakout. Could be heading for a move higher and possible trend reversal.
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Another leg down soon. I think we will be retesting 8801.
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A real bulls and bears battle going on here. Currently moving in an up-channel. Not seeing signs of it dropping further at this point.
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Doing this from a mobile phone is never easy. Zooming out to the 4 hour chart, we're in a downtrend and I expect a retest of 8801 in the next 5 hours.
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We now have a higher high and a higher low. If we breach 10100 we will continue upwards. If we breach 10542 we're heading for a new all time high.
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Note we could see some profit-taking at 10542 and risk of a reversal.
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A bullish flag has formed. New ATH could occur shortly.
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Looks like we could be at the top of a B wave of the correction, which means we see a larger pullback from here to sub-7000 at least. Watching this one closely.
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C wave with strong downward movement expected shortly.
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Possible start of the C wave if we drop below 10401. Currently dips are being bought up quickly so the market still looks fairly strong. Still need to monitor this one closely.
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Hovering around the 11000 mark. This has occurred a few times previously at the 6000 and 8000 levels, both times not retracing again but pushing higher instead. Barring any highly negative news, I expect this will do the same, but I'm not placing any buys until there is clear direction either way.
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Well we've broken the previous ATH. I'm personally risk averse and won't be buying while Daily RSI is over 83. I expect a larger retracement will occur between now and 13500, and will not be buying at the moment. Your trading decisions should reflect your personal risk profile.