This is a bearish chart, but let me clarify that I"m still bullish, still long at $7800 and still looking for bull market to re-ignite. But is important as a trader to understand what can go wrong and adapt. What if this rally and cycle fails, what happens if mid December is the yearly cycle low?
The simple answer is that we would have some very bearish market structure and be well below major MA's. The consolidation would be too long and chances of going into a long term bear market would be much higher. I would no longer be looking to enter a long swing trade. I would shift to more short term trading and eventually look to swing trade major resistance short.
The simple answer is that we would have some very bearish market structure and be well below major MA's. The consolidation would be too long and chances of going into a long term bear market would be much higher. I would no longer be looking to enter a long swing trade. I would shift to more short term trading and eventually look to swing trade major resistance short.
