Bottom line is we haven't put a new high since the giant blow-off top in 2011. We've been bullish since 2016, creating new highs and higher lows but the thing to be cautious about right now is the fact that we're at the .618 fib level since the peak of 2011 without having take out the previous all-time high. If we get rejected at this fib level we might in fact still be in one large macro bear trend and continue to the downside despite the fact we've been bullish for years.
Strategy: Await confirmation that this in fact is not a fake-out and we close full body weekly candle sabove the .618 fib retracement level. Upon retracement I will look for RSI, MACD and moving averages to line up and if we're looking good then I would play with a bullish bias looking to finally take out previous highs and continue to the upside.
Cheers, happy trading :)
Strategy: Await confirmation that this in fact is not a fake-out and we close full body weekly candle sabove the .618 fib retracement level. Upon retracement I will look for RSI, MACD and moving averages to line up and if we're looking good then I would play with a bullish bias looking to finally take out previous highs and continue to the upside.
Cheers, happy trading :)