This analysis is a "clean slate" analysis.
I have incorporated some previously identified channels and simple patterns and have added some possible S/R levels based on previous structure and Fibonacci.
Some sort of breakout is bound to happen soon (within a cuple of days): we have already 2 inside days, several oscillators are around their centerlines and PA is contained between dynamic S/R of the 100- and 200MA.
Wether or not the breakout will be big or small, real or false, the start of a new trend or more consolidation we have no way of knowing...
I have identified several possible target and/or possible reversal levels and have drawn some 'breakout channels' based on these levels.
EW and harmonic pattern traders will surely identify more levels but I just wanted to get back to basics with this one...
I am neutral offcourse, how can you be anything else in the current situation... I do have a bullish preference because of the up-channel and ascending triangle but that could change quickly if I get signs that the bear flag might play out.
Because of the complexity of the movements that we have experienced in the last couple of weeks/months I will be watchful for false breakouts and will chose my targets cautiously, taking shorter-term trades only.
I have incorporated some previously identified channels and simple patterns and have added some possible S/R levels based on previous structure and Fibonacci.
Some sort of breakout is bound to happen soon (within a cuple of days): we have already 2 inside days, several oscillators are around their centerlines and PA is contained between dynamic S/R of the 100- and 200MA.
Wether or not the breakout will be big or small, real or false, the start of a new trend or more consolidation we have no way of knowing...
I have identified several possible target and/or possible reversal levels and have drawn some 'breakout channels' based on these levels.
EW and harmonic pattern traders will surely identify more levels but I just wanted to get back to basics with this one...
I am neutral offcourse, how can you be anything else in the current situation... I do have a bullish preference because of the up-channel and ascending triangle but that could change quickly if I get signs that the bear flag might play out.
Because of the complexity of the movements that we have experienced in the last couple of weeks/months I will be watchful for false breakouts and will chose my targets cautiously, taking shorter-term trades only.
