Bulls now have a solid position, since the opposing break is sellers biting on granite!! The lows cannot be broken, here we are tracking spillover risk-off flows from PBOC in USDJPY, Gold and SHCOMP in particular;
Firstly USDJPY:
Secondly SHCOMP:
Bulls now on the one hand wants to trap sellers but on the other hand wants to load as much as possible. The annoying move of spiking out here without having loaded enough is dangerous; the former move would leave the lows unprotected. Buyers can calmly finish his preparations for the appropriate sizings, welcome the risk which is aiming for a breach in the highs. Note how we are still on track for the 1650 leg:
From the painstaking and long-winded pullback, defensive measures have been placed and you can see how well aware retail is of the set-up with 1550 acting as strong support. Looking for 1550 ==> 1600 ==> 1630 ==> 1650 to complete the leg in Q120.
As usual thanks to all for keeping your support coming with likes, comments and etc!
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Trailing stops time for those who were buying the asian dip.
supplementary to the above.
usdcad daily best level to short for 180/280 points (UPDATED).