Our bottom is confirmed by today's swing. After a shallow pullback on Sunday night price bounced higher.
Most of the day was spent by printing a flag/ range on the hourly chart and we closed near to the daily top.
What happened exactly? After the first 2 daily cycles we printed a DCL last Friday and bounced from the 100 MA almost tagging the triangle trendline and the 200 MA. The level where the rally started from was the FIBO 61,8%.
Today we not just had a swing but a trendline break of the daily down trend line. By printing one more green 10$ candle we are having a 3 white soldier formation.
So tomorrow will be important : I would like to see if we are able to print the 3 white soldier formation by the close or not...
Fibonacci worked pretty well at the decline. I will use the FIBO on our way up too.
As of today we just tagged the 23,6% retracement. We can spend 1-2 days here. If we really stop now and cannot print the 3rd green candle tomorrow: it will show weakness...
The next level is the FIBO 38,2% (1298) and after that the FIBO 50% at 1309,5 and the false swing level at 1213$.
During the next few days we need to watch very carefully how we rally to these price points...
I think the bulls don't have to worry about their position this week. Even if it's a dead cat bounce we will tag minimum 1298-1309 during the next few days.
LONG FOLLOW THROUGH idea
Most of the day was spent by printing a flag/ range on the hourly chart and we closed near to the daily top.
What happened exactly? After the first 2 daily cycles we printed a DCL last Friday and bounced from the 100 MA almost tagging the triangle trendline and the 200 MA. The level where the rally started from was the FIBO 61,8%.
Today we not just had a swing but a trendline break of the daily down trend line. By printing one more green 10$ candle we are having a 3 white soldier formation.
So tomorrow will be important : I would like to see if we are able to print the 3 white soldier formation by the close or not...
Fibonacci worked pretty well at the decline. I will use the FIBO on our way up too.
As of today we just tagged the 23,6% retracement. We can spend 1-2 days here. If we really stop now and cannot print the 3rd green candle tomorrow: it will show weakness...
The next level is the FIBO 38,2% (1298) and after that the FIBO 50% at 1309,5 and the false swing level at 1213$.
During the next few days we need to watch very carefully how we rally to these price points...
I think the bulls don't have to worry about their position this week. Even if it's a dead cat bounce we will tag minimum 1298-1309 during the next few days.
LONG FOLLOW THROUGH idea
Nota
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FIBO 38,2% was close but we couldn't tag itNota
The 3rd white soldier is a disabled one. Not a good sign that we couldn't hold all the gains into the close.Nota
I think our flag is ready to break higher.Nota
RSI is overbought.We need to break above 1300. Th FED MInutes can be the trigger for this
Nota
***** RSI is oversold...Nota
2 hours later:Nota
Going to break to new highs on the hourly in the Asian session.Nota
New high.
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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.