Hello, we can see from the weekly chart that we are outside the Bollinger channel,and above the black Channel that worked well in the pas 3 years. We might be in a positive excess exactly as in March we were in a negative one. If the price holds above, it is perfect. However, I believe it will not. There is also a bearish divergence in the RSI signaled in the chart.
So, why 14k? there are 3 possible retracement areas, displayed in the chart.
One of them, on the 4h TF, can be seen here.
Also, the previous July '19 max (13.8k) has not been retested yet and theparabolic Sar is at 14k at the moment.
The most likely scenario now is 14k ish in my opinion. Good to stay long, but with this in mind.
You can play this view with options or by setting proper SL (below the upper part of the channel for example), or again, by setting buy lower orders. However, the move will not be a flash crash and will take few weeks to occur, therefore the best strategy is the option one in my opinion.
I you do not know how to use them, I have a guide on how options work.
So, why 14k? there are 3 possible retracement areas, displayed in the chart.
One of them, on the 4h TF, can be seen here.
Also, the previous July '19 max (13.8k) has not been retested yet and theparabolic Sar is at 14k at the moment.
The most likely scenario now is 14k ish in my opinion. Good to stay long, but with this in mind.
You can play this view with options or by setting proper SL (below the upper part of the channel for example), or again, by setting buy lower orders. However, the move will not be a flash crash and will take few weeks to occur, therefore the best strategy is the option one in my opinion.
I you do not know how to use them, I have a guide on how options work.
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