OOOOOOk, Sorry to those who have been asking for an update for a while - time has been short. XP
Following the fall from 10k we can see the daily bear divergence has resulted in a test of our 61.8 fib levels and we are now forming a nice descending wedge which has the potential to take us back to our equilibrium levels around 9200.
Note the nice confluence on the weekly and daily fib levels around 11500 and 9250's. it is fair to expect some heavy resistance at both opening some short term trades.
If we do not see a break of our downward channel in the next day a retest of our final targets of 75-7800 will be in play.
A close under 7500 may well see a continuation of a bleak market for a while longer as we struggle to maintain our macro bull flag structure. This possibility looks remote at this stage.
Patience is key folks! Certainly feel free to wait out the equilibrium and play the weekly break instead if you cant monitor your trades frequently.
Happy Trading - TB
Following the fall from 10k we can see the daily bear divergence has resulted in a test of our 61.8 fib levels and we are now forming a nice descending wedge which has the potential to take us back to our equilibrium levels around 9200.
Note the nice confluence on the weekly and daily fib levels around 11500 and 9250's. it is fair to expect some heavy resistance at both opening some short term trades.
If we do not see a break of our downward channel in the next day a retest of our final targets of 75-7800 will be in play.
A close under 7500 may well see a continuation of a bleak market for a while longer as we struggle to maintain our macro bull flag structure. This possibility looks remote at this stage.
Patience is key folks! Certainly feel free to wait out the equilibrium and play the weekly break instead if you cant monitor your trades frequently.
Happy Trading - TB
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