we are not up yet

23 jul 2015

this market may look very bullish right now on the lower timeframes, and that is true, but we have not yet violated the down move from the doubble top, the right leg is still in a healty down trend, we are now closing in on heavy resistance and I believe there is a possibility the market could turn around very quickly, why do I think this you may wonder? first, the target from the big doubble top is not reached, far from it! it is very unusual institutional sellers would stop selling before target is reached. also I am not really into that we are in a up trend on the daily chart, we have seen some very hefty resistance the market have bounced from twice, are we going there again? that is possible, as I see it right now, the diagonal down momentum line, (pink line) is probably going to be strong resistance, it is a confirmed line with 3 previous touches. I think that is a possible place we could bounce off from. but then again, if we would to brake the same trend line, I would have to assume that the market wants to go higher,
at least up to the previous resistance and supply zone, but thts what I'm playing right now. I like to see the market go down to about 1.04600 where the main target is. atleast I am not doing what everyone else is right now, which would be buying.