First confirmation of previous uptrend break is in
The S&S is at a t critical point of having broken and rejected once from the previous trend support turning into resistance. A new lower local low would likely lead to a drop to at least the golden pocket if not more.
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1.618 hit, looking like bulls might be too weak to hold up the support here and create some kind of bottom formation; like the example-H&S patter I drew on the chart for example.
Next target 2.618
Next target 2.618
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Decision time:
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The most bearish case scenario I see for this winter:
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If you are short, I would think about setting SL in profit or stop-market buy on spot trading that are in profit. (not financial advice)
When it does turn around, it will probably be very very fast.
However, this doesn't mean we can't still enter a bigger correction to near 3,000
When it does turn around, it will probably be very very fast.
However, this doesn't mean we can't still enter a bigger correction to near 3,000
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more profit targets:
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Last point of resistance!
If we break resistance hold those short-hedges and maybe close the remainder of the short!
If we hold resistance and break-down below some key range levels with volume we should continue our way back to the bottom of the newly forming trend-support
If we break resistance hold those short-hedges and maybe close the remainder of the short!
If we hold resistance and break-down below some key range levels with volume we should continue our way back to the bottom of the newly forming trend-support
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bears remain in control for now!
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A clear and voluminous bounce from here would then be signal to exit the remainder of the trade or hedge your position