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comment: Neutral. I do think this could become a giant bull trap but confirmation is only below 24200. For now it’s best to be neutral since we are in the middle of the triangle. Not much more to read into this so don’t try looking at this for hours and make stuff up. I’d be surprised if we go above 24600.
current market cycle: trading range
key levels for next week: 24000 - 24750
bull case: Bulls need a higher high to open the possibility of re-testing 24700+. Bulls can argue it’s a two-legged pullback (ABC correction) on the daily chart but that’s a tough argument since the market has basically gone nowhere since early June.
Invalidation is below 24200ish
bear case: Bears need something below 24200, until then it’s above two trend lines, daily ema and bears have not made lower lows since start of August.
Invalidation is above 24600
short term: As neutral as can be. Only interested in shorts really but not after Friday. Need to see this becoming a bull trap and bigger selling pressure again.
medium-long term from 2025-08-24: 23000 is my target for the next weeks but for that the market has to stay below 23600.
comment: Neutral. I do think this could become a giant bull trap but confirmation is only below 24200. For now it’s best to be neutral since we are in the middle of the triangle. Not much more to read into this so don’t try looking at this for hours and make stuff up. I’d be surprised if we go above 24600.
current market cycle: trading range
key levels for next week: 24000 - 24750
bull case: Bulls need a higher high to open the possibility of re-testing 24700+. Bulls can argue it’s a two-legged pullback (ABC correction) on the daily chart but that’s a tough argument since the market has basically gone nowhere since early June.
Invalidation is below 24200ish
bear case: Bears need something below 24200, until then it’s above two trend lines, daily ema and bears have not made lower lows since start of August.
Invalidation is above 24600
short term: As neutral as can be. Only interested in shorts really but not after Friday. Need to see this becoming a bull trap and bigger selling pressure again.
medium-long term from 2025-08-24: 23000 is my target for the next weeks but for that the market has to stay below 23600.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.