Price is currently between the white centerline and the long-term support/resistance level.
Since the price is near the centerline, we're seeing a kind of pullback to it. According to the Medianline framework, this is expected after trading below it.
The downside target would be the orange CL, as that aligns with the organic target. However, between the current price and the CL target, the long-term support level is quietly sitting there—possibly waiting to trap shorts.
What should a trader do now?
a) We could stay on the sidelines, observe, and learn.
b) We could go short, reasoning that the price is trading below the white CL and has made a textbook pullback to it. My stop would be placed above the orange bar that broke through the white CL.
A long position is not an option for me, as we are still below the white CL.
By the way: Look to the left and notice how the current situation mirrors past price action:
1. Break below the CL
2. Retest the CL
3. Move downward
Since the price is near the centerline, we're seeing a kind of pullback to it. According to the Medianline framework, this is expected after trading below it.
The downside target would be the orange CL, as that aligns with the organic target. However, between the current price and the CL target, the long-term support level is quietly sitting there—possibly waiting to trap shorts.
What should a trader do now?
a) We could stay on the sidelines, observe, and learn.
b) We could go short, reasoning that the price is trading below the white CL and has made a textbook pullback to it. My stop would be placed above the orange bar that broke through the white CL.
A long position is not an option for me, as we are still below the white CL.
By the way: Look to the left and notice how the current situation mirrors past price action:
1. Break below the CL
2. Retest the CL
3. Move downward
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