The price stalls at the top of the Trading Range -where All Time Highs await-.
There might be a brief extension until area of 14000, however, a megafone structure is normally appearing at the end of the trend.
The end of a 2nd leg -¿trap?- it is also pointing to get an exhausted move.
Conclusion:
It is the time of bear setups, an inside bear bar closing on its low it can create an scenario where bulls & bears are selling at the same time.
Any surprise bear bar will have the same effect mentioned above.
If there is a weak bear setup probably bears will need a micro doble top before have enough confidence to sell.
Targets: The first target for the bears it is the start of the climax, there where the bulls are supposed to have their Stop Losses.
The most ambitious target it is around 8200 where the macro breakout on the Monthly chart took place.
¿There is a bull case? Sure, always there are both scenarios: (but only 20% of happening)
The bull case it will require an strong breakout above All Time High and a Follow through bar closing on its high.
The target for the bulls would be around 17000 if we consider a Measured Move based from the top of the TR til the low of 2018.
There might be a brief extension until area of 14000, however, a megafone structure is normally appearing at the end of the trend.
The end of a 2nd leg -¿trap?- it is also pointing to get an exhausted move.
Conclusion:
It is the time of bear setups, an inside bear bar closing on its low it can create an scenario where bulls & bears are selling at the same time.
Any surprise bear bar will have the same effect mentioned above.
If there is a weak bear setup probably bears will need a micro doble top before have enough confidence to sell.
Targets: The first target for the bears it is the start of the climax, there where the bulls are supposed to have their Stop Losses.
The most ambitious target it is around 8200 where the macro breakout on the Monthly chart took place.
¿There is a bull case? Sure, always there are both scenarios: (but only 20% of happening)
The bull case it will require an strong breakout above All Time High and a Follow through bar closing on its high.
The target for the bulls would be around 17000 if we consider a Measured Move based from the top of the TR til the low of 2018.