In my last update I gave you levels that you should be watching, including the YVAL at 39.3k, the weekly at 36.3k and the VAH at 38.2k.
You can see how those 3 levels have been respected very well.
After my update, we ended up pushing to the YVAL then rejecting it and retracing to the weekly before seeing today's pump.
Also, now that we have broken above 39,595 a bearish EW count has been invalidated and the 33k low is more likely to be a major low.
This doesn't mean that we won't be looking for shorts anymore, but it's just something to keep in mind.
Next levels to the upside that I'm looking at are 40.5k (so we are at resistance now) then 42k
I'm personally not comfortable looking for shorts up here as this rally looks pretty strong, the only thing I don't like about it is that it is on a Friday.
If we lose 39.2k, but more importantly 38.2k, I would love to go for the 35k support level, but for now more upside seems more likely.
Any questions?
Good luck traders
Remember not to break your rules
Habib
You can see how those 3 levels have been respected very well.
After my update, we ended up pushing to the YVAL then rejecting it and retracing to the weekly before seeing today's pump.
Also, now that we have broken above 39,595 a bearish EW count has been invalidated and the 33k low is more likely to be a major low.
This doesn't mean that we won't be looking for shorts anymore, but it's just something to keep in mind.
Next levels to the upside that I'm looking at are 40.5k (so we are at resistance now) then 42k
I'm personally not comfortable looking for shorts up here as this rally looks pretty strong, the only thing I don't like about it is that it is on a Friday.
If we lose 39.2k, but more importantly 38.2k, I would love to go for the 35k support level, but for now more upside seems more likely.
Any questions?
Good luck traders
Remember not to break your rules
Habib
