In this monthly TF, i will briefly share my thoughts.
Long term view
price should not close above red line even may cross.
The basis for this rally for a year which ends the correction to approx.13391. Current price 13230
Maroon to red, price would meet sellers and following months candles formation has one two results:-
1) Strong/fast rally of a closing candle
2) Small/doji(s)
Noting the position of price in Dec has consequences.
At this time Nov, does not appears sellers are sufficient to contain the bullish move as buyers are obviously on the long side since correction began a year ago.
Price behaviorial signifies:- From the results
(1) futher rally would be taking place.
(2) price is due for shorts and in case of further bearish move speaks of a contiuation bearish trend.
The contiuation of bearish move means Traders would be watching on the side and existing from their long position and add new position to short and double up on it. Ending to no. 2 and 3.
Overall, bearish trend is intact and completion of correction for the past 1 year maybe due for shorts and the closing price of Nov tells you more in less than a week.
On the flip, bullish trend required much more effort to stay above those lines for a long run. Given bullish backdrop, when you Long/Short take a conservative steps.
Long term view
price should not close above red line even may cross.
The basis for this rally for a year which ends the correction to approx.13391. Current price 13230
Maroon to red, price would meet sellers and following months candles formation has one two results:-
1) Strong/fast rally of a closing candle
2) Small/doji(s)
Noting the position of price in Dec has consequences.
At this time Nov, does not appears sellers are sufficient to contain the bullish move as buyers are obviously on the long side since correction began a year ago.
Price behaviorial signifies:- From the results
(1) futher rally would be taking place.
(2) price is due for shorts and in case of further bearish move speaks of a contiuation bearish trend.
The contiuation of bearish move means Traders would be watching on the side and existing from their long position and add new position to short and double up on it. Ending to no. 2 and 3.
Overall, bearish trend is intact and completion of correction for the past 1 year maybe due for shorts and the closing price of Nov tells you more in less than a week.
On the flip, bullish trend required much more effort to stay above those lines for a long run. Given bullish backdrop, when you Long/Short take a conservative steps.
