Well, that was quite the candle this morning. We need retrace, in fact we're screaming for it, but when and how far will it go? My bullish prediction is that we will retrace somewhere into the red box. Full completion of the ascending triangle and inverse head and shoulders (even if we retrace a bit) collectively end up in the 7950-8050 range. Use extreme caution shorting from here on our in my opinion. I didn't chart everything but we can see a clear direction change and new bullish channel formation. Also, on the larger time from we are completing a massive wedge. My Elliot wave buddies show 22k as the end of their giant wave counts.
-Technically the market is still more bearish, but notice: there has been more support/denial of rejections as of late.
-Fundamental news has been extremely bullish and more and more main stream
Does this guarantee we are transitioning to a bear run? Absolutely not. We could still retrace sub 6k, but I doubt it will stay there for long, if at all. Don't be the person stuck in a large short when we're sitting at the bottom already. Don't try and trade against the trend. Right now we are in a BULLISH channel backed by multiple bullish patterns on multiple time frames.
-Technically the market is still more bearish, but notice: there has been more support/denial of rejections as of late.
-Fundamental news has been extremely bullish and more and more main stream
Does this guarantee we are transitioning to a bear run? Absolutely not. We could still retrace sub 6k, but I doubt it will stay there for long, if at all. Don't be the person stuck in a large short when we're sitting at the bottom already. Don't try and trade against the trend. Right now we are in a BULLISH channel backed by multiple bullish patterns on multiple time frames.