The market is going nuts again, where are we heading? Confusion, euphoria, fear many emotions in frequent interval and we slowly losing faith whether the market even obeys any rules at all? Luckily for those who believe in technical analysis I have a few targets based on numerous price ranges and consolidation structures. I'm not calling any tops for those who think you can get a perfect bulls-eye, the market is not about being exactly right all the time, but we do need to know how to scale in & out according to risk-management.
Few rules, -The bigger the initial contraption of price range, the stronger the target resistance will be. Selling here is advised and if price does break above a revisit of these levels is not unheard of! -Markets are volatile, targets are based on long-time frame orientation, short-term can overshoot or have quick drops out of main trend, have stop-losses in any case to protect. Stop-hunts are no fun however learn to properly protect yourself based on risk-reward! -Targets are seen as pit-stops or distribution zones where people get in & out or even reverse down or continue up. The in-between is no-trade zone!
As always have a plan, ego will not help you, safe trades and may profits reward all those who trade well. -TheTrex
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Quick take away for the analysis, major triangle target resistance at 8226 USD, golden ratio of the price convergence that broke down.
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Near Major Multi-month Triangle target of 8226! If there is a place where price would start to halt, this would be it.