A micro 5th wave did materialize and a higher high was put in at resistance (2683) as expected but gains were reversed by the end of the session. It's important to note that a neckline has formed at 2683 and any correction low higher than 2612.67 could result in a reversal pattern and a rally to challenge the 2717 high. So bears must break support at 2612.67 for the downtrend to continue in the next few weeks.
Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish
* Trends are
not trade signals. Trends are posted for situational awareness only
and does not take into account wave counts, technical or fundamental
conditions of the market. While mechanically trading the posted trends
is feasible, keep in mind that these are lagging indicators and as such
are prone to whipsaws and I personally do not use nor recommend them
to initiate or close positions in the market without taking
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