As said in my previous post about the weekly chart: first attempt at analysing an index...
We might have finished a leading diagonal or possibly a 3-drives pattern. If I would have done this analysis a week ago I would have certainly gone long at the 5500 round level and would've done great so far... But anyway, woulda, coulda, it doesn't matter now cuz I didn't ...
I would now be looking for a decent retracement of at least 50-61.8% of the last move down until that possible S/R zone around 5870..., above that the trendline is something to watch, if we get a good breakout followed by some consolidation we could go alot higher based on my weekly analysis (ultimately up to 6500 if you ask me...).
I also included a Cypher pattern for reference but watch out we didn't quite make it to the 1.27 ext? at C, so technically not valid...
If we go back down and make a double bottom at that 5500 level I will probably enter long with a tight SL!
No trades on the chart since I am currently not trading this and the current level is not good for entering on this dailly timeframe (I don't have 1H and 4H on this here, will have to update my TV membership plan I guess...).
I will update if I see a good setup...
We might have finished a leading diagonal or possibly a 3-drives pattern. If I would have done this analysis a week ago I would have certainly gone long at the 5500 round level and would've done great so far... But anyway, woulda, coulda, it doesn't matter now cuz I didn't ...
I would now be looking for a decent retracement of at least 50-61.8% of the last move down until that possible S/R zone around 5870..., above that the trendline is something to watch, if we get a good breakout followed by some consolidation we could go alot higher based on my weekly analysis (ultimately up to 6500 if you ask me...).
I also included a Cypher pattern for reference but watch out we didn't quite make it to the 1.27 ext? at C, so technically not valid...
If we go back down and make a double bottom at that 5500 level I will probably enter long with a tight SL!
No trades on the chart since I am currently not trading this and the current level is not good for entering on this dailly timeframe (I don't have 1H and 4H on this here, will have to update my TV membership plan I guess...).
I will update if I see a good setup...
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TP1 and TP2 met!
