As seen after the May markdown, we had a little dead cat bounce to 40.7k, then some consolidation with high volatility creating a descending resistance, leading into a fakeout to the upside and crash back down to the trend range floor.
If we hold this current bounce from 40k, we could be seeing the continuation of the final section of the fractal before the real breakout to the upside occurs.
I'm not totally discounting the possibility of a move to 38k or maybe just a wick there first, or even a lower trading range; it will simply depend on whether the bulls can show some force before the market decides to trap bears like in the original fractal or not.
Right now I'll say 65% chance the fractal continue and we see 65k again this year.
If we hold this current bounce from 40k, we could be seeing the continuation of the final section of the fractal before the real breakout to the upside occurs.
I'm not totally discounting the possibility of a move to 38k or maybe just a wick there first, or even a lower trading range; it will simply depend on whether the bulls can show some force before the market decides to trap bears like in the original fractal or not.
Right now I'll say 65% chance the fractal continue and we see 65k again this year.
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