The market takes no particular interest in trading these days: the volume is very low, volatility - non-existent. No wonder nothing has happened since the previous update. Still, this anemic price behaviour suggests that the bottom might not have formed yet. There are a couple of technical bearish considerations:
The price failed to break resistance of the descending channel combined with the moving average;
The bounce from April 29 took the form of a 3--wave correction;
The Inv. H&S pattern will be invalidated below 7300.
My strategy is to go short on the break of 7320 level. Key levels & bearish targets are drawn on the chart.
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Emerging H&S on other exchanges' charts:
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Above 7700++ I will turn bullish and consider waves' extension:
Dont give up on the h&s just yet (to me its looking more and more promising). I think that if you look at the broader market include fundamentals (and sentiment) , we bottomed already. (February was mini accumulation phase) and since April we have been in a much larger accumulation phase...
IMO, we are in the disbelief stage with a mindset that a rally is never coming again :( .... when in reality its just around the corner :O