yeah, we were so close to hit all-time-high, well perhaps tomorrow is another chance.
Either way, for me it is time to hit the bid, it jusy looks exhausted ,but I reckognize we are still in a bull market for now.
a) broadening pattern after a rally means bulls and bears are in a big fight, but it could mean a top
b) with this broadening formation there is a distinctive negative divergence
I will place my stop at around 2x ATR, which gives me a bit room above the rising broadening top line as well as above the old all-time-high with cushion.
Target is minimum the lower supprt line of this broadening formation where I would take off 50% given the volatility. Second target will be around 38% retracement of recent rally or the first stepper uptrendline, depending how long it will take.
happy trading :-)
KP
Either way, for me it is time to hit the bid, it jusy looks exhausted ,but I reckognize we are still in a bull market for now.
a) broadening pattern after a rally means bulls and bears are in a big fight, but it could mean a top
b) with this broadening formation there is a distinctive negative divergence
I will place my stop at around 2x ATR, which gives me a bit room above the rising broadening top line as well as above the old all-time-high with cushion.
Target is minimum the lower supprt line of this broadening formation where I would take off 50% given the volatility. Second target will be around 38% retracement of recent rally or the first stepper uptrendline, depending how long it will take.
happy trading :-)
KP