As we take a step back and look at the bigger picture, you'll notice we're right at baseline support at the bear trap before the big China bubble. I would advise being patient with this one because there are still a number of possible scenarios that could play out. I'm becoming slightly more bullish but still looking for a possible double bottom at $16x.
No trades yet, but short below $210 and long above $240. We could stay in consolidation for a while longer before anything happens, so I would highly advise being patient with this one and not trading on a hunch here. My last idea was quite bearish, and I will link to it, but you'll notice I only ever really expected to test the recent lows. Beyond that is speculation. That said, new lows aren't looking realistic at this point due to the sheer length of time we've been under this downtrend along with strong baseline support.
I'm cautiously bullish but waiting to see if we will test the recent lows first.
No trades yet, but short below $210 and long above $240. We could stay in consolidation for a while longer before anything happens, so I would highly advise being patient with this one and not trading on a hunch here. My last idea was quite bearish, and I will link to it, but you'll notice I only ever really expected to test the recent lows. Beyond that is speculation. That said, new lows aren't looking realistic at this point due to the sheer length of time we've been under this downtrend along with strong baseline support.
I'm cautiously bullish but waiting to see if we will test the recent lows first.
