Failed rally here could be a market topping action
No rally lasts forever unless it is the Zimbabwean style i.e. hyper-inflationary sort of rally. We can carry on looking for long entries but some effort should be put on to spot danger signs.
Current price action could be a consolidation for higher gain or topping action for correction/reversal.
Traders interested could look up 'Wyckoff Market Cycle.
Just saying.
Current price action could be a consolidation for higher gain or topping action for correction/reversal.
- Higher gain could use current action as a base or support.
- Topping action could use current action as a resistance. If the index falls below green zone, it will look like a failed rally. Green zone will then become a resistance zone and the whole action looking like a Triple Top.
Traders interested could look up 'Wyckoff Market Cycle.
Just saying.
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