Hold tight. Buckle up.
If you look down and focus on that small dark piece of shimmering water at the bottom, every now and again, you'll see the reflection of the moon above us come in to focus. We are getting closer. Not to the moon, but to the reflection at the bottom of the well. The good news is that when we make a splash, we know we've hit bottom, and the only way then is up.
The MACD on the 4 hour is currently looking up (Pink line) but we know that it's constrained by the narrowing wedge as the oscillations reduce from the initial twang on the ATH (top orange dotted line). True that there's a little space for another short run up, but if it does go, it will be capped pretty quickly. So whilst it's pointing up, it's suggesting we need to go down.
Looking at our narrowing MACD oscillations, we see we are nearing the end of the wave phase, and we may see a break out between 21st and 28th April. The obvious break would be north, but we still have more space (and time) down to the bottom of our well before we get there.
Expecting a drop to 6K with a hold there for a day or two. Maybe a small reaction off 6k but I doubt it will be huge. I think we then hug that mark for a while and then drop down to around 4,700 - 4,800 (our bottom of the well - stopping off for lunch at 5500ish). I think we may hit that as early as the 16th.
Good Luck, Happy Trading and keep reminding yourself what the moon looks like by taking a good look down. Maybe soon we will be staring up looking for it.
If you look down and focus on that small dark piece of shimmering water at the bottom, every now and again, you'll see the reflection of the moon above us come in to focus. We are getting closer. Not to the moon, but to the reflection at the bottom of the well. The good news is that when we make a splash, we know we've hit bottom, and the only way then is up.
The MACD on the 4 hour is currently looking up (Pink line) but we know that it's constrained by the narrowing wedge as the oscillations reduce from the initial twang on the ATH (top orange dotted line). True that there's a little space for another short run up, but if it does go, it will be capped pretty quickly. So whilst it's pointing up, it's suggesting we need to go down.
Looking at our narrowing MACD oscillations, we see we are nearing the end of the wave phase, and we may see a break out between 21st and 28th April. The obvious break would be north, but we still have more space (and time) down to the bottom of our well before we get there.
Expecting a drop to 6K with a hold there for a day or two. Maybe a small reaction off 6k but I doubt it will be huge. I think we then hug that mark for a while and then drop down to around 4,700 - 4,800 (our bottom of the well - stopping off for lunch at 5500ish). I think we may hit that as early as the 16th.
Good Luck, Happy Trading and keep reminding yourself what the moon looks like by taking a good look down. Maybe soon we will be staring up looking for it.
