As per parallel channel: there is a corrective pattern that's formed worthy of shorting. Also, prices at or above 1529 was bound to attract interim TP from bulls.
However longs are still controlling the monthly chart and monthly candle hasn't closed. So prices could ping pong until first week of October until bears can comfortably gain footing.
However longs are still controlling the monthly chart and monthly candle hasn't closed. So prices could ping pong until first week of October until bears can comfortably gain footing.
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WXY
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The WXY above didn't work, I suspect because the expanded flat breakdown has more conviction in its path. Anyway the coloured lines are false support i.e. price will hover there on its way down. It will act as resistance however. The black/grey lines are real support which now points to a large range of 1420s-1440s
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Price tagged 1465 which is very close to 1461 bearish measured move. The bearish target 1450 and sub-1440 may be getting crowded so short covering won’t be surprising. Bear cycle is relatively young too. I’ll be adding more shorts at the red box region 1490-1505 if price gets there.
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Took out 75% profits from shorts and went long at 1460-65. My target for long and re-short as per chart above. I’ll post a new idea on this
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record-keeping;
