CCJ reached important macro-resistance zone

2023年12月19日

Price has reached an important macro resistance zone: 39.40-45.91-48, that coincides with 0.618% extension of wave I (2000 low - 2007 top time span) from wave II bottom (2020 lows).

Monthly view


This 0.618% extension aligns with standard 2.00% resistance of the fifth wave - wave (5) - of first impulsive structure (wave (1)-(5)) that started in March 2020.



If price stays bellow the top boarder of the resistance zone (48), the structure is prone to the start of the possible multi-year correction to support zone: 20-12.

I price will be able to move confidently above 48 and close above it on volume support for several session, than the proposed price structure needs to be revised. Next resistance zone in that case is close to 76-80 area.

Breaking bellow 21ema with volume increase could be confirmation sign for the larger correction starting. This levels could be used by any shorts with 21 ema or prior (Feb 2021) left side pick at 44.81 as a covering guide (with resonable 2-3% latitude).



Thank you for your attention!

2023年12月20日

交易進行

Opened short 19 Dec. on break-down bellow 21 ema with add-on bellow 14th low.
Average cost: 44.44

Stops: above 8 ema on close.

2023年12月28日

註釋

Adding to CCJ short on 50d break attempt. Stop on this add-on - HOD

2024年1月9日

手動結束交易

Closed the whole position at 42.89 today.

2024年1月25日

交易進行

Shorting as double top-short set-up and break of 8 ema. 1/2 of target position. Stop: 48.85



Weekly view