After today's move down, it might be said this is the beginning of a larger, SHORT, run down...typical to think and may be true! However, based on the price (not wave) cycles I've seen over the years, there is still room to move up to 8400 (and higher) and that is my bias for this trade. Today's action just made it easier to make that move upwards after clearing out some LONG players.
I'm personally looking for an entry within the RED BUY zone.
1st Target, 50% of way through the range, 8330 2nd Target, Double Top at 8380 3rd Target, 8400.
A break below today's LO would have my rethinking this scenario.
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Great positioning inside the RED ZONE, giving two opportunities to get LONG. Comfortably up 50+ pts. and still awaiting targets at the aforementioned levels.
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....and a third opportunity for a LONG out of the same area.
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1st Target achieved ... 8330
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2nd Target met ... Double Top
3rd Target still in play.
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Trades will be closing soon. Any positions from the RED BUY area have yielded approx. 150 pts. w/ multiple times to re-enter from the same zone.
@Adeelharoon, Right now, I wait for setups. Looking for weakness in price to get back long again. We might see some short trades set up until then. Of course, all this can change by the time I post again.