The bearish candle, which closed below MA100, gives us a signal that the up trend is over and we'll see down movement. MACD and DMI confirms short trades. We can place a pending order below the low of the signal candle and wait when price moves down and open our trade. Stop order must be placed above MA20 or the resistance level 4800. Profit target is 4700 level. Probably we'll open a short trade in the begining of correction on higher time frames, because 4800 level is rather strong and it reversed the market in 2000 year. Also this market has been rising for 7th weeks and we'll have to see the correction wave. May be it's time for this.
hi Lavrov which support Levels do you work with if we finally could see a corrective move down - very nice analysis, hope it will hold
DLavrov
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Thanks for your comment! I think good targets can be 4700 and 4600 levels. Based on daily chart we have trend market conditions and our trades are against the main direction. So we have to think about exit when price is near possible reversal lines which are Moving Averages 20 and 50.