Possibility of a trend changing
It looks like there is a possibility of a trend changing to bull side. On here, I am looking into get in short. If you have notice I tend to trade on highs and lows. It's important to put stop loss on every trade decision, VERY IMPORTANT.
Let's get technical now, I have tried to illustrate every signal that has been formed on the chart. Example, there's a new low highs that have been formed to show a likelihood of a trend changing so try to be cautious, the market could still be pushed up.Always after the previous low high has been broken, we expect the correction to be made. Let's think in Elliot's waves theory, I am expecting wave 4 to be formed, we will have a ranging period on 38.2 retracement level before it resumes up north, This can only happen if the market respects this pattern. Also the RSI is on overbought condition, I would expect bears to come in the market soon.
This month the market has been bullish. Since, it is the end of the month, I would expect the investers/bankers to take their profits and look for new support to go long again for the next month.
Good luck and Happy trading :)
Let's get technical now, I have tried to illustrate every signal that has been formed on the chart. Example, there's a new low highs that have been formed to show a likelihood of a trend changing so try to be cautious, the market could still be pushed up.Always after the previous low high has been broken, we expect the correction to be made. Let's think in Elliot's waves theory, I am expecting wave 4 to be formed, we will have a ranging period on 38.2 retracement level before it resumes up north, This can only happen if the market respects this pattern. Also the RSI is on overbought condition, I would expect bears to come in the market soon.
This month the market has been bullish. Since, it is the end of the month, I would expect the investers/bankers to take their profits and look for new support to go long again for the next month.
Good luck and Happy trading :)
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