Last week was a great example of why sometimes it’s great idea to stay out of the markets. I was more than happy to watch it from a distance. Simply because I anticipated this dreaded sideways price action to continue. I don’t really know for how long, but watch the market carefully until crucial evidence is there to support a certain direction.
The price is literally within the same weekly candle range that I pointed out last week.
It’s no more than a coin-toss to predict if price would break out of this ugly zone next week. But at some point it has to break out. After all, breaking out with an impulse wave is the only purpose of such corrections and accumulation of positions.
Only if I had a crystal ball, I could forecast the next short term wave. But we know where price is in a longer term perspective. So it’s not a bad idea to wait until the market resolves itself to a better, tradable condition.