Broke down out of the first ascending wedge to hit good intersecting support for a nice bounce. One more wedge. The second longer wedge is the one that I expect could take a few more days to break. Also, we still could go up past 10k before breaking it. Keep this in mind.
If the pull back is shallower than we expect, and we miss the buy zone of 7.5-8k, what would be a good entry?
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You wouldn't necessarily be wrong to buy now, however, IMO it's a bit risky being that we're within another longer extending ascending wedge (see pic in ORIGINAL POST - link above). What this means is that we can probably expect another short shakeout (meaning we could go higher to 10.2k+) before we actually see the dip to 7.5-8k. This is definitely tricky territory to be a trader. Long longs (6 mo. plus) only are advised.
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A short and sweet answer would be anything around that BLUE descending trendline is a good LONG buy opportunity. We had one today. Maybe one more before we take off.
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