STAIRWAY TO HELL? BEAR flag upon BEAR flag upon BEAR flag..
So what we've been waiting for has FINALLY happened. No chit chat this time, let's dig straight into a quick analysis on this one. Real simple chart edition.
Right after my update on the previous idea, we broke below the 7700 level.. and as expected we INSTANTLY started falling. We've found some support around the 7500 level, but don't expect this level to last for too long, as we're already starting a BEAR FLAG, hinting that we're inevitable going to hit our target of 7200. How we react to the 7200 level will be important in determining if we're really going to test the 2/6 low of 6000 again. This would be the cut and dry version, where we staircase down to our targets. I'd expect a large bounce at 6000.
Everything has been going according to our expectation thus far, but it's important to continue looking out for the unexpected. IF there will be an unexpected bounce, I'd expect that to be at the 7200. From there, the maximum upside I can honestly expect is all the way back up to the 20 EMA level, where we previously met resistance and started falling to where we are now.
Things are heating up, and I am personally preparing for re-entry. The reversal will be quicker than the descent, so make sure you're staying on your toes. Generally, the safest option is to wait for a confirmation (bullish engulfing), before diving in. REMEMBER: catching bottoms and tops is not our goal here.. Ditch the downside, and take part of the upside.
Definitely easier said than done though.. and I'll continue to keep you guys updated with these ideas.
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Right after my update on the previous idea, we broke below the 7700 level.. and as expected we INSTANTLY started falling. We've found some support around the 7500 level, but don't expect this level to last for too long, as we're already starting a BEAR FLAG, hinting that we're inevitable going to hit our target of 7200. How we react to the 7200 level will be important in determining if we're really going to test the 2/6 low of 6000 again. This would be the cut and dry version, where we staircase down to our targets. I'd expect a large bounce at 6000.
Everything has been going according to our expectation thus far, but it's important to continue looking out for the unexpected. IF there will be an unexpected bounce, I'd expect that to be at the 7200. From there, the maximum upside I can honestly expect is all the way back up to the 20 EMA level, where we previously met resistance and started falling to where we are now.
Things are heating up, and I am personally preparing for re-entry. The reversal will be quicker than the descent, so make sure you're staying on your toes. Generally, the safest option is to wait for a confirmation (bullish engulfing), before diving in. REMEMBER: catching bottoms and tops is not our goal here.. Ditch the downside, and take part of the upside.
Definitely easier said than done though.. and I'll continue to keep you guys updated with these ideas.
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
After some consolidation into the bear flag, the flag has broken down and we are now within range of our 7200 target.
Will continue to watch to get a sense of where we go from here. A bounce would not surprise me, but monitoring the volume will be important here. After just touching the 0.768 retracement with a wick, we've had a small bounce back up, but there has not been any volume in it.
Failure to bounce would lead to some more consolidation, as depicted on our chart. Bear flags upon bear flags. Things are getting exciting!
As always,
gl;hf
-Jay