Now the Real Battle Begins, 4th November 2022

🖼 Daily Technical Picture 📈

➤ Price has reached the next level of support after sharp falls. Now we will see the real battle between the Bulls and the Bears.

➤ The Bullish case is quite simple. Price needs to be supported here to form a higher low. The classic definition of a bull trend is the formation of a set of higher highs and higher lows.

➤ The Bears have it much easier. It can push prices down to a new low straight away or allow the price to set a higher low but break that new uptrend soon after. Arguably, the ball is in the Bear's court. Their job seems to be a lot easier with the backdrop of fragile world economies.

➤ My trading signals show the possibility of a short-term bullish move. This may set that higher low. Portfolio sits at +51% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➤ Conclusion: We may experience choppy conditions here so a full commitment long or short may not be ideal.