UPDATE: It is definitely up:) vertical move on the hourly, RSI at 76,3 on the weekly... without pullback, sorry but I would not chase such moves.
Not sure which scenario is playing out. Two shooting stars on the hourly chart so I expect some move lower. I will watch the 1550-1555 area and according to the action around this levels we will position long or short. The stop has been moved 1 point higher at 1567 just above the shadows of the two candles.
This price action is not a surprise. I wrote in the weekly review that the price is still in the channel and above EMA50, which means that even higher high is possible. I also wrote, that we are in the middle of a topping process. Whatever we see lower or higher high I still think that this is just topping action and not the beginning of a new move higher. If you look at the European indexes or Russel 2000.... they does not look very good and does not support this current move.
Krasi, is your system close to issuing short signal after today's action?
ReplyDeleteNo, I think we will see marginal new high.
ReplyDeleteI will watch the 1555-1560 area for long entry for 2-3 days with target 1585-1590. On the smaller charts there is divergence and pullback is already running.