I am watching the daily close today carefully. If it pushes up and closes above 7800 (weekly level + 0.236 Fib) it is still bullish in my view. If it drops down, the next support is ~7400 (prev consolidation, Fib 0.382 and a daily level).
There is no reason to turn bearish just yet. It is also possible that the price stays in the current tight range for a while, 7700-7800 and that also does not invalidate the bullish rally.
If we break this range it is not a disaster but I will be looking to reduce my spot exposure and look for short setups. If we break below 7400 than we break the bullish market structure (higher highs, higher lows) and then we are in the bear phase again.
seems to be lacking 1000 lines lol
yeah my eyes hurt when I see some charts with elliot waves, diagonals, horizontals, fibs, pivots, several channels all on a small TF
Nice and simple!
Thanks man! TA should be simple imo. I will do a post later on on some super simple and profitable strategies
What a day, right before the daily close a solid 30 min green candle attempts to push back above the 7800 level outlined earlier, but rejected quite hard. Daily closed below but let's see if there is a bullish continuation.
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