It's that time of the year again, the Christmas sell-off is a much anticipated event as it repeats every single year.
After the weekly close below the dotted line around 17K the market signalled its most likely direction - down.
I'm expecting a big nuke candle to clear the 11.5K level, HTF close above the green block EQ and finally but slowly, move towards the 0.25 Fib retracement.
Final target of the relief rally - before any major reviews - would be the 0.5 Fib level. Taking profits accordingly.
Eyeing closely the monthly and yearly closes, as they will be key for next years price movements.
Invalidation (and therefore weakness) would be weak HTF closes and prolonged distribution below green block EQ.
After the weekly close below the dotted line around 17K the market signalled its most likely direction - down.
I'm expecting a big nuke candle to clear the 11.5K level, HTF close above the green block EQ and finally but slowly, move towards the 0.25 Fib retracement.
Final target of the relief rally - before any major reviews - would be the 0.5 Fib level. Taking profits accordingly.
Eyeing closely the monthly and yearly closes, as they will be key for next years price movements.
Invalidation (and therefore weakness) would be weak HTF closes and prolonged distribution below green block EQ.