SHORT THE PULLBACK
DISCLAIMER The below is just my view trade at your own risk and responsibly
Do not get me wrong we are in an uptrend hence the title of the idea is Short the pullback ,
Here is why i am bearish:
1. Looking at the weekly and the level i just marked it has served as a key support and resistance zone being respected three times on the weekly
2. Price just took out a high if we were to consider the DOW theory we know that after a BOS we expect a pullback before a long
3. I drew a linear regression from the swing high i just market with the setting at a 2 and -2 standard deviation we are trading on top of that channel
4. Volume accumulated last week and we did not see and aggressive movement though the Friday candle was quite bearish using the third law of Wyckoff effort = results hence i am expecting that buying has diminished and sellers have kicked in, that is why i have a demand zone which is just below a daily imbalance where i expect price may be draw too or as famously known as an (IRL)
Do not get me wrong we are in an uptrend hence the title of the idea is Short the pullback ,
Here is why i am bearish:
1. Looking at the weekly and the level i just marked it has served as a key support and resistance zone being respected three times on the weekly
2. Price just took out a high if we were to consider the DOW theory we know that after a BOS we expect a pullback before a long
3. I drew a linear regression from the swing high i just market with the setting at a 2 and -2 standard deviation we are trading on top of that channel
4. Volume accumulated last week and we did not see and aggressive movement though the Friday candle was quite bearish using the third law of Wyckoff effort = results hence i am expecting that buying has diminished and sellers have kicked in, that is why i have a demand zone which is just below a daily imbalance where i expect price may be draw too or as famously known as an (IRL)
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