Index recover little bit from sell pressure by end of week, sentiment lifted on postponed decision reg. tariffs for cars imported to US what mainly will affect Germany and Japan.
Seems US full focus is on China now. Also we had announcement on lifting steel/aluminium tariffs on Canada and Mexico.
Enough from that strategic movements keep support prices?
Current sell off reach bottom of price channel, get in to oversold conditions and sharply bounce back.
Right now at stake is new High or breach supporting trend line and further correction.
4H Chart. Price still in rising channel
Buyers Breakout !
We had another good save of rising channel, price exploded higher in “get out of way or get crushed” style .
Power push towards top of channel. Close price gaps from Monday open 2 weeks ago and …
I believe that is outcome which we will be looking for to alternative continuation of ABC correction.
ABC correction still to be completed.
ABC correction still to be completed. It is difficult to make decisions when news drives market and fundamental weight of uncertainty and tensions between two biggest economies shade buyers hype.
I would say extending profit take is good option for limiting risk.
ABC correction can open door to deeper sell off.
Risk is high!
Keep attention risk and damage control.
Be extremely careful and watch US and German Bonds and VIX index for clues if trend reversing to downside or is just temporary noise.
It can get worst before get better