So my favourite bullish fractal has re-emerged. I am long from 10,329 with an initial target of 11,100 to switch to shorts. From there when we go down to test the support; we face the key decision of whether we go up for a double top or break down again. The last two times this fractal has emerged we have broken down on the retest of the triangle support. I have highlighted this important area with the exclamation mark.
Stop loss has been moved into slight profit at 10,400. Marked as long for the leg up to 11,100. Will then redo as short for the leg back down.
Stop loss has been moved into slight profit at 10,400. Marked as long for the leg up to 11,100. Will then redo as short for the leg back down.
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Note: There is a chance I have this wrong and that the WHOLE entire structure from the 26th of June IS the fractal -
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We are either going to top out at 11,050 or go to 13,250 here - and it wont be long before we find out. I have moved stops further into profit at 10,600. I am actually favouring the green path here; as the larger pattern is more in line with what we expect to see from this particular fractal.
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Getting very close to our first critical point. Stops have been moved further into profit at 10,700.
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First target - resistance of smaller blue triangle - reached. Have moved long stops further into profit at 10,850 and will let them ride out in case of a break through to the top of the larger triangle. I have however, also started hedging in shorts from 11,000 and have them laddered in up to 11,150 with a stop loss for shorts at 11,200 in case we follow the orange path.
