Tricks around 102.4K target

Morning folks,

So, our weekly bearish DRPO "Sell" pattern has been confirmed. It means that until market either complete its 81K target or remains under 102.5K its invalidation point - this pattern presents the risk for the bulls.

With all this stuff on the table we make two decisions. First is - we cut potential upside target down to 102.4K area by two reasons. First - this is 0.618 expansion and it agrees with major 5/8 resistance level. Second - this is invalidation point of weekly DRPO "Sell" pattern.

So, conclusion is follows. For long-term traders we suggest to not consider any new long positions until DRPO is valid. For short entry with DRPO - keep an eye on 102.5K area.

For intraday traders we suggest that long position is still acceptable but with the new 102.4K target and very tight stop - just under 94K lows. Market has to start upside action now. If it will not happen, then it will not happen at all and weekly DRPO will start working.

I mark this setup as "Bullish" because of 102.4 target. But, in general we have bearish view until DRPO stands in place.