We have broken out of the weekly double bottom pattern and while we have targets higher, i am trying to anticipate what kind of correction we see. In all fairness, with the volatility in this expansion, we could just continue from here before a correction there after.
I think an expanded flat correction here would be max pain for early shorts, and late longs. They are often the most difficult to trade for momentum traders that are looking for a continuation or reversal.
Just an idea. Our targets remain the same from previous charts, but we could expect to see some push back at 37k, and around 40900. Strictly playing off the measured move of the double bottom and anticipating a 1.618 extension from here.
Sooner or later, it would be expected to get a retest of the range highs, and the flip of this critical level. That would be a great level to lean on for long traders, and the level that short sellers will be convinced we are going to 20k again.
I think an expanded flat correction here would be max pain for early shorts, and late longs. They are often the most difficult to trade for momentum traders that are looking for a continuation or reversal.
Just an idea. Our targets remain the same from previous charts, but we could expect to see some push back at 37k, and around 40900. Strictly playing off the measured move of the double bottom and anticipating a 1.618 extension from here.
Sooner or later, it would be expected to get a retest of the range highs, and the flip of this critical level. That would be a great level to lean on for long traders, and the level that short sellers will be convinced we are going to 20k again.
