hey
So, do not wanna be the negative dude but by looking at the current charts things are looking incredibly Bearish.
However before i get into this, my initial target of $8,900 - $8,800 is still in play.
This may be the route it takes :
(may not be but i tried)
SO, first off, we are currently dancing around something a bit more dangerous than i first thought.
The neckline of a juicy Head and Shoulders.
Breaking this neckline at $9,500 with some force, which i am expecting we do soon to firstly hit my primary target.
Could also create a H&S target price of around $7,400 - $7,500.
NOW , This is scary as this is so close to the DANGERZONE at $7,300 that we have discussed in so many previous posts that could lead us to a lower low.
ONTOP of this H&S there is also another Larger one forming. So if the smaller one goes ahead we may also be inclined to watch this Larger one form.
Whats a bit worrying about this one however, is that the neckline is sitting on my initial primary target of $8,900.
Why this is worrying is because there has been the possibility of a bounce occurring there for a few days now.. but if there is no bounce and we do break... the target after this is $6,000.
WHICH, is almost a 1:1 FIB retracement from our lowest low ( which was around $5,800 )
BREAKING that 1:1 Retracement means THERE WILL BE ANOTHER LOWER LOW !
My target if we are to break 6,000 is the same as it was a while back, seriously 2,300.
SO, it is extremely important we watch all lines for bounces and for breaks.
My Eyes
Initial Target : $8,800 - $8,900 ( bounce as an ABC or break as a H&S neckline ) ?
and we go from there. Here is my chart and everything i will be watching. Suss it and lets see how we go!
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!