Throughout the past week we've repeatedly seen the same pattern here:
Market trending upward on low or medium volume for 12-24 hours straight, more or less parallel to the larger trend, then at some point acceleration of the trend, followed by only moderate profit taking, which still resulted in 10-15% corrections due to thin order books on the bid side.
After 12-24 hours of consolidation the upward trend resumed.
Should this pattern continue, we might see another consolidation around the 197$ / 1200 CNY level, followed by a new uptrend on wednesday, with a new peak on thursday (my guesstimate: ~224$).
But watch out: should the trendline connecting the higher lows clearly be violated (say a close on the hourly ~3% below it) we might be in for a longer correction, pontentially all the way down to the upper 170s area.
Market trending upward on low or medium volume for 12-24 hours straight, more or less parallel to the larger trend, then at some point acceleration of the trend, followed by only moderate profit taking, which still resulted in 10-15% corrections due to thin order books on the bid side.
After 12-24 hours of consolidation the upward trend resumed.
Should this pattern continue, we might see another consolidation around the 197$ / 1200 CNY level, followed by a new uptrend on wednesday, with a new peak on thursday (my guesstimate: ~224$).
But watch out: should the trendline connecting the higher lows clearly be violated (say a close on the hourly ~3% below it) we might be in for a longer correction, pontentially all the way down to the upper 170s area.