Traders,
It seems I jumped the gun a bit on my last analysis. I'll admit, I got caught in the bull trap. I lost the bigger long-term perspective. I'll give another one here and hope this is better.
The downward channel indicates we are still in a downtrend, at least for the mid-term. The long-term trend line beginning a few months back indicates we are still in a long-term uptrend but have not yet found the bottom. As such, I am looking for an entry around the 9800 level with a stop loss around 8500. If we break 8500, in my opinion we will have broken the trend line and the strong support formed around that level, indicating we will go lower.
Since 8800 or so is pretty strong support, we could see a rebound from that level. If the high is not higher than the last, we are in big trouble. Good luck out there.
It seems I jumped the gun a bit on my last analysis. I'll admit, I got caught in the bull trap. I lost the bigger long-term perspective. I'll give another one here and hope this is better.
The downward channel indicates we are still in a downtrend, at least for the mid-term. The long-term trend line beginning a few months back indicates we are still in a long-term uptrend but have not yet found the bottom. As such, I am looking for an entry around the 9800 level with a stop loss around 8500. If we break 8500, in my opinion we will have broken the trend line and the strong support formed around that level, indicating we will go lower.
Since 8800 or so is pretty strong support, we could see a rebound from that level. If the high is not higher than the last, we are in big trouble. Good luck out there.