Disliked
Also bottom forming is a process.... only after a period of time we can say X was the bottom.Ignored
So right now long term trend is obviously down in Ninja, it's a fact.
But when following a trend we all look at different criteria. At the moment although trend is down the proximity of the All Time Low does point to trend exhaustion, even if it is a temporary one. For the last 10 years 100 UJ was the main support zone, when it broke that expectation was to re-test the All Time Low of high 79s. We are almost there. It is reasonable to expect a re-test, just like we have on intraday charts in form of double bottoms, treble tops, etc. They are re-tests of interest. So in Ninja we have let's round it to 80 vs 100 & price is at 81. I know for a fact that pro traders would not consider this a lucrative short due to proximity of 80 zone. Nobody knows what the reaction will be at 80, but what is important is that most pro traders know that the closer we get to 80 the less the risk to reward & that is paramount for these people IMO.
So to conclude: Trend is still down long term, but due to proximity of the All Time Low it is considered to be exhausted due to reduced risk/reward ratio to initiate fresh shorts.
Attached Image (click to enlarge)
Prices oscillate, trends persist. Trend is your friend.
