Good Evening and I hope you are well.
comment: Market is leaving behind gaps and breakout prices are tested but we stay above. Also higher highs and higher lows. Max bullish for new ath still.
current market cycle: trading range
key levels: 21500 - 22300
bull case: Bulls want 23000. They have to keep it above 22400 to keep the max bullish momentum going for tomorrow. Below 22400 we could test down to 22200 before another leg up. Multiple way to draw the trend lines, all are correct until broken. So draw them and watch what market does when it gets near them.
Invalidation is below 22200.
bear case: Bears actually made money selling 22500, which was a surprise to me. Especially that we stay below the open price. Bad session for me today. I still got nothing for the bears until they print below 22200 again. Everything on this chart is bullish. Best bears can hope for is another pullback below 22500 and go sideways.
Invalidation is above 22550.
short term: Max bullish for 22800 or 23000.
medium-long term - Update from 2024-06-22: Daily close below 21500 is my validation for the new bear trend which has the first bigger target at 21000 but I think we will printed below 20000 again this year. Structure is obviously not yet bearish, so don’t be early if you want confirmation and can’t/won’t scale in to shorts higher. Getting into longer term shorts above 21500 seems like the banger trade right now.
trade of the day: Buying the double bottom 22390 or any long close to it. Wasn’t the trade with most profit but the most obvious one.
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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.