As we have a breakout of the major triangle on Daily to the upside, a lot of the overall sentiment is bullish. With the initial push up to 9450 we have since seen a 0.50 retrace. Ideally this is a great spot to long, but given the attention and obvious nature of it, im inclined to think this is a prime position for a fake out.
2nd of July we can see a very similar fractal that played out with a large dump following a late push that trapped a lot of longs. We will see if this plays out again, but it is wise to anticipate the potential of it repeating. Generally seen in recent months is intraday pumps followed by a tighter downtrend correction, then an larger move back down below the initial pump breakout - AKA bart. This pattern happens frequently enough to look for this counter trade opportunity while the herd is eyeing off a continuation.
If this plays out, expect strong support around 9235, breaking below this would build a strong case for 9k test and break.
2nd of July we can see a very similar fractal that played out with a large dump following a late push that trapped a lot of longs. We will see if this plays out again, but it is wise to anticipate the potential of it repeating. Generally seen in recent months is intraday pumps followed by a tighter downtrend correction, then an larger move back down below the initial pump breakout - AKA bart. This pattern happens frequently enough to look for this counter trade opportunity while the herd is eyeing off a continuation.
If this plays out, expect strong support around 9235, breaking below this would build a strong case for 9k test and break.
On the 4hr chart this move has created a parallel bull channel, its fairly easy to spot. still may still 9235 or lower if we reject and test the bottom line.