Time For A Pull Back?
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Hi all,
We had a great breakout above the down trend and the neck line together, showing major sign of strength, however got rejected from the dangerous neck line. It's good that it was surpassed and now it's weakened.
Downside target of a retracement and a retest of the down trend line happens to intersect with Fibonacci 0.382 at 49.600. If that is lost, we have 47.660 also coincides with Point of control and 45k as the last retracement levels. If 45k is lost, then it's game over :)
Upside target, 60k waits as a weekly and physiological target.
We should wait until support or resistance levels of the current sideways trading range is broken and verify the direction with a swing failure.
Note that there are many bull and bear traps now, so don't FOMO into anything, set your alerts and wait for confirmation before taking action.
But hey, what do i know :)
Trade safe!
We had a great breakout above the down trend and the neck line together, showing major sign of strength, however got rejected from the dangerous neck line. It's good that it was surpassed and now it's weakened.
Downside target of a retracement and a retest of the down trend line happens to intersect with Fibonacci 0.382 at 49.600. If that is lost, we have 47.660 also coincides with Point of control and 45k as the last retracement levels. If 45k is lost, then it's game over :)
Upside target, 60k waits as a weekly and physiological target.
We should wait until support or resistance levels of the current sideways trading range is broken and verify the direction with a swing failure.
Note that there are many bull and bear traps now, so don't FOMO into anything, set your alerts and wait for confirmation before taking action.
But hey, what do i know :)
Trade safe!
Note
Swing failure at the top of the range. Note
Swing failure resulted a pull back down to fin 0.5 and a newlocal downtrend emerged. Unless we break above this trend line, sentiment is bearish.Note
54.300 and 54.150 are the last important levels that should hold before further downside.
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