We have been following this huge trend for a while now. We can proudly say that we captured a good chunk of the way up, we also tried catching some of this recent falling days but unfortunately given the nature of the patterns the market was creating we ended stopped out at breakeven and decided to sidestep a second try at going short. The focus shifted to looking for the next big move which to our eyes is now to the Up side. We have 3 important levels marked on the chart that signal important point of probable reversal. Just by market structure I would say we are likely done on the short side; however there is one thing that could rain on this plan and that is the deepness of the retracement. The third level, and the only one left to be reached by the market, coincides with the 38.2% retracement of the entire rise and we should not discard the probability of the market doing one last sprint lower to touch this level and start rising.
