Another dragon bull has formed together with the bullish max butterfly pattern. Take note that there are several different types of butterfly pattern and they all work at given conditions and at certain parameters. This chart has been thoroughly analysed and I am confident to say that it should be time for the market to come back and retest the broken support. The previous support tends to be a new resistance level.
Well this week I had a different outlook on this market. Some of us, me included believed the market will continue to further north and retest the level but according to the news unemployment claim altered the expectation. Always be careful on fundamentals they are the cause of these big moves.
Back to technical, I have two of my favourite indicator that support my ideas. The RSI has started to make new low and MACD is about to cross up north, both of them tell us there's a strong bullish sentiment. Also there's a double bottom formed on my chart that is a clear indication of change of market direction.
Good luck and Happy Trading :)
Well this week I had a different outlook on this market. Some of us, me included believed the market will continue to further north and retest the level but according to the news unemployment claim altered the expectation. Always be careful on fundamentals they are the cause of these big moves.
Back to technical, I have two of my favourite indicator that support my ideas. The RSI has started to make new low and MACD is about to cross up north, both of them tell us there's a strong bullish sentiment. Also there's a double bottom formed on my chart that is a clear indication of change of market direction.
Good luck and Happy Trading :)