So as we've all seen this past few weeks, the market has been extremely overextended. Things from this point get interesting.
The following indicators/signals have triggered my interest on the 2 day chart:
A target at 7127 is very possible (which would be a retracement to the Golden ratio, or 0.618 of the high of this recent run) but not before testing 8400 one last time.
A bullish scenario would see this 8400 line of resistance being broken through, which could still happen, but I guess we will have to wait and see ;)
The following indicators/signals have triggered my interest on the 2 day chart:
- RSI is officially bearishly diverging (Higher High of price, Lower High of RSI), and also broke a month old support. This means momentum is shifting in favor of the bears.
- Elliot Wave Theory Dictates that after a five wave structure upwards, a three wave corrective ABC pattern will continue against the trend. With bearish divergence on the 2D chart, it is quite possible we could see an ABC wave forming
- Price action is very bearish with large amount of red engulfing candles.
A target at 7127 is very possible (which would be a retracement to the Golden ratio, or 0.618 of the high of this recent run) but not before testing 8400 one last time.
A bullish scenario would see this 8400 line of resistance being broken through, which could still happen, but I guess we will have to wait and see ;)
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