At the current moment I don’t actually have a strong opinion on either side. Instead I am waiting for a more pronounced decision from the market. However, depending on what plays out over the next few days, I think it could be a great plan to be ready to make some money in either direction as soon as the market gives us a pointer to the direction it will choose.
The price level around the 1800 area of resistance points out a retracement from the last move down in the 61.8% Fib area. Usually a good candidate for a possible reversal in direction. Put together with the possibility of a right side shoulder forming at the 1810 area from previous trading and the 50 day MA being in that area as well and a test of that resistance with price failure could point to a great opportunity to short this market again.
Should price continue to trade up and keep its short term bullish direction, we could be looking at price retesting the 1830 and 1840 levels of resistance in the days/weeks to come.
What does your analysis tell you? Either way I am watching for a possible trade to form, so I can add to my positions and take advantage of the moves to come.
Trade what you see and never listen to the so called “pro’s”. If they are telling you to do something, it is most likely already too late.