Too many longs. It will retrace because just finished 3rd impulse wave. 55k is near 0.618 retracement level according to my calculations.
TP1 would be at 61k if it does not break down but I believe it would test 55k then go 80k.
TP1 would be at 61k if it does not break down but I believe it would test 55k then go 80k.
Note
I was early to post this short idea, but one must always wait and observe before shorting overbought RSI because it tends to create short squeeze which can go up a little bit more. From here (66k) it will go down.Note
Updated new short setup. Use the stop loss levels provided by me, always.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.