1/3 CME GAP's CLOSED - Looking for 8900 in 3 days
So the new yellow CME gap has been closed. Next we head up to close the red gap. This will likely take us to retest the heavy resistance of the purple long term down trend channel. Will progressively close my longs from 76XX from 8550 upwards. Have drew the potential price path based on the fractal which is playing out.
Get ready to short from the top!
Get ready to short from the top!
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Next leg up to occur within the next 24 hours.
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Looking for a touch of the 55 EMA at around 7870 on the one hour chart before we start to gear up for our next explosive move upwards.
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Note: The above may or may not happen, but just something to be mindful of (ensure stops are set below this point).
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Interesting developments. My 7500 long was stopped out in profit; oh well better to be stopped out in profit than in defecit!
We are almost at a critical point where we need to decide whether we are going to clear the green or red CME gaps first.
On the bullish flip side we have the pink dashed ascending triangle; as well as a breakout of the blue down trend channel complete with retrace confirming support. This has a target of the top purple long term downtrend channel.
On the bearish side; we have the dotted green descending wedge as well as what some will call a potential head and shoulders pattern forming which will clear the green gap first.
So which will it be? Well head and shoulders are usually formed at the top of an uptrend and are a trend reversal pattern. Considering we have been in a down trend, the head and shoulders pattern is not actually a valid pattern. So we can cross that out, leaving only the newly forming descending wedge pattern. Given we have the longer term down trend channel break out with retrace confirming support + the pink ascending triangle - I am still bullish and looking to close the red gap and retest the top before a move downwards.
We are almost at a critical point where we need to decide whether we are going to clear the green or red CME gaps first.
On the bullish flip side we have the pink dashed ascending triangle; as well as a breakout of the blue down trend channel complete with retrace confirming support. This has a target of the top purple long term downtrend channel.
On the bearish side; we have the dotted green descending wedge as well as what some will call a potential head and shoulders pattern forming which will clear the green gap first.
So which will it be? Well head and shoulders are usually formed at the top of an uptrend and are a trend reversal pattern. Considering we have been in a down trend, the head and shoulders pattern is not actually a valid pattern. So we can cross that out, leaving only the newly forming descending wedge pattern. Given we have the longer term down trend channel break out with retrace confirming support + the pink ascending triangle - I am still bullish and looking to close the red gap and retest the top before a move downwards.
