Still watching for 25K

2. Feb. 2023

Morning folks,

So, it seems that markets have heard only "disinflation" word from JP and missed everything else. We think that recent Fed comments were hawkish enough and euphoria will exhaust soon, when mispricing becomes obvious.

Meantime nothing has changed in our mid term view - we're watching for reverse H&S on weekly chart and upside butterfly on daily chart with 25K destination point. Currently we do not consider long positions on daily and above time frames.

Still, on intraday charts it is possible to consider. For example, on 1H chart we have another butterfly that leads to the same target. If NFP brings no negative effect, market could keep going to it. We have no resistance levels until this target. Thus, minor bounce to 22.25-22.30K area could be used to think about long position. Now short positions by far as well