Looks like this wave is about to crest, rounded 'adam and eve' double top forming at the 0.236 fib from the last swing lower.
If we do top over here as you can see on the fisher i've put on this chart, we would make some bearish divergence.
So, do not be surprised if we retest the (non-log) macro trendline breakout. (This is a log scale chart to show how far away we still are from the logarithmic downtrend line.
Alright, so i'm not outright bearish at this point, just letting you know the next day or so will be corrective.
Could be the 4h 20EMA holds as support, in which case we might see a test of the log scale trendline sooner rather than later
Another nice thing about the levels we're at is that right now, that trendline equals the previous high at 11700.
If the 20 does not hold, expect a retest of the 50 and the 0.618 fib at 10.2k
I've drawn a gan-fann to show potential bottom support incase we lose the 9200 level.
If we do top over here as you can see on the fisher i've put on this chart, we would make some bearish divergence.
So, do not be surprised if we retest the (non-log) macro trendline breakout. (This is a log scale chart to show how far away we still are from the logarithmic downtrend line.
Alright, so i'm not outright bearish at this point, just letting you know the next day or so will be corrective.
Could be the 4h 20EMA holds as support, in which case we might see a test of the log scale trendline sooner rather than later
Another nice thing about the levels we're at is that right now, that trendline equals the previous high at 11700.
If the 20 does not hold, expect a retest of the 50 and the 0.618 fib at 10.2k
I've drawn a gan-fann to show potential bottom support incase we lose the 9200 level.
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So far, one bonce off the 'very bullish' level.
