Note: i removed all other indicators, just like yesterday, to make the chart as clean as possible.
So for me there are two possible scenario's. The first I posted yesterday (triple bottom reversal) the second is here:
-We are forming an inverse C&H on the daily that could be bringing us back to our long term uptrend which i've drawn starting in march '17. Potential to hit <5k levels.
- We are forming a triple bottom reversal whereby we could see some agressive upside after breaching the medium term down sloping purple trend.
For me it depends on where and how it reverses. Both scenario's require a retracement.
- If this retrace starts close to April first low 6410 and retraces 35%-60% to $7672 - $8.5K, which essentially means before the downward sloping purple trend line, to form the handle I'm a bear.
- A break above purple downward sloping trend will turn me into a bull;
So for me there are two possible scenario's. The first I posted yesterday (triple bottom reversal) the second is here:
-We are forming an inverse C&H on the daily that could be bringing us back to our long term uptrend which i've drawn starting in march '17. Potential to hit <5k levels.
- We are forming a triple bottom reversal whereby we could see some agressive upside after breaching the medium term down sloping purple trend.
For me it depends on where and how it reverses. Both scenario's require a retracement.
- If this retrace starts close to April first low 6410 and retraces 35%-60% to $7672 - $8.5K, which essentially means before the downward sloping purple trend line, to form the handle I'm a bear.
- A break above purple downward sloping trend will turn me into a bull;