Good Evening and I hope you are well.
comment: Is this a bigger two-legged pullback to the 4h ema and now we strongly break above 23900 to go for 24200+ again? It’s my most likely case. It’s still not a good trade to buy above 23800 since that trapped you two times this week for 230 and 300 point pullbacks.
current market cycle: broad bull channel on the weekly chart. Daily chart is in a trading range 23000 - 24500
key levels: 23500 - 24500
bull case: Everything aligns for the bulls. They need the breakout above Tuesday’s high and then we go for the obvious big round number 24000 but I doubt we will stop here. Once the bears who sold above 23800 this week give up, I doubt there will be much resistance until maybe 24300 or higher. Anything below 23600 would be a huge bear surprise tomorrow and my bullish bias is likely wrong.
Invalidation is below 23000.
bear case: Bears don’t have much until they print below 23600 again. Can they hold the market below 24000 and keep this trading range alive? I doubt it. Bears tried 3 times this week and the bull gap to 23550 stayed open.
Invalidation is above 24100.
short term: Bullish. Still expecting 24000 and no print below 23600 tomorrow. Everything else would be a big bear surprise and we could go much lower than 23500 but this is the most unlikely scenario.
medium-long term from 2025-06-22: New bear trend has likely started on 2025-06-05 and we saw W2 conclude on Friday. Daily close below 23000 will be the confirmation for the bears and I have drawn 2 potential final W5 targets. I have written that we will see 20000/21000 again over the summer for many weeks/months now, this even is just another excuse for “analysts” to justify the move down.
trade of the day: Longs close to 23600 were the obvious trade today. The selling for 198 was at least 100 points stronger than I expected and stopped me out but I immediately went long again on the very strong buying below 23650 and closed the day with profits.
comment: Is this a bigger two-legged pullback to the 4h ema and now we strongly break above 23900 to go for 24200+ again? It’s my most likely case. It’s still not a good trade to buy above 23800 since that trapped you two times this week for 230 and 300 point pullbacks.
current market cycle: broad bull channel on the weekly chart. Daily chart is in a trading range 23000 - 24500
key levels: 23500 - 24500
bull case: Everything aligns for the bulls. They need the breakout above Tuesday’s high and then we go for the obvious big round number 24000 but I doubt we will stop here. Once the bears who sold above 23800 this week give up, I doubt there will be much resistance until maybe 24300 or higher. Anything below 23600 would be a huge bear surprise tomorrow and my bullish bias is likely wrong.
Invalidation is below 23000.
bear case: Bears don’t have much until they print below 23600 again. Can they hold the market below 24000 and keep this trading range alive? I doubt it. Bears tried 3 times this week and the bull gap to 23550 stayed open.
Invalidation is above 24100.
short term: Bullish. Still expecting 24000 and no print below 23600 tomorrow. Everything else would be a big bear surprise and we could go much lower than 23500 but this is the most unlikely scenario.
medium-long term from 2025-06-22: New bear trend has likely started on 2025-06-05 and we saw W2 conclude on Friday. Daily close below 23000 will be the confirmation for the bears and I have drawn 2 potential final W5 targets. I have written that we will see 20000/21000 again over the summer for many weeks/months now, this even is just another excuse for “analysts” to justify the move down.
trade of the day: Longs close to 23600 were the obvious trade today. The selling for 198 was at least 100 points stronger than I expected and stopped me out but I immediately went long again on the very strong buying below 23650 and closed the day with profits.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.