Final retrace to 8.9K zone before breakout of global triangle
Fib lines, 200 SMA, the CME gap (presuming we stay above 10K through Monday) and the "global triangle" all seem to converge on this PA. I think we may go sideways for a bit longer, possibly until Monday, and then we will start retracing. I think 8.9 will be our bottom in this last retrace. I don't think it will stay there for long and I also think that's going to set us up for a parabolic run past 14K before summer.
A break below horizontal support of 9.2 will confirm this move. Continued bullish action above 10.2, say, a couple of daily closes next week above that level and this trade is entirely invalidated and I don't know WTF is going on.
A break below horizontal support of 9.2 will confirm this move. Continued bullish action above 10.2, say, a couple of daily closes next week above that level and this trade is entirely invalidated and I don't know WTF is going on.
Commentaire:
Seems like there’s a lot of bullishness out there - was expecting we would at least get to 9.2 before heading back up.