Index at first support on TL, can bounce a bit
IF it break not under, may get dip buyers and test upper band again.
IF she breaks below, can get a sharp sell then lift back to TL before the big dump.
Either way it won't go straight down... but you knew that!
Watch and see. No position yet, closed all.
NB: Indexes and many stonks have printed a 'measured move' A-B-C over past three months, since March lows.
IF the rally is done, expect correction soon, IF bulls find another leg, could jack it back up near the ATH again this summer.
Cash is a fine position in times of uncertainty!
IF she breaks below, can get a sharp sell then lift back to TL before the big dump.
Either way it won't go straight down... but you knew that!
Watch and see. No position yet, closed all.
NB: Indexes and many stonks have printed a 'measured move' A-B-C over past three months, since March lows.
IF the rally is done, expect correction soon, IF bulls find another leg, could jack it back up near the ATH again this summer.
Cash is a fine position in times of uncertainty!
Comment:
BUmp. JPow speaks Weds. If he dont tank it will bull. Could get 100 pips higher by EOW. If it dont tank first.
Trade active:
Played in chop. NB: VIX falling in face of lower prices. Anticipates further rally? No position, back in cash.
Comment:
Perfect H&S in QQQ past week. Looks like a correction setup.
Trade active:
Textbook break down and retrace back to TL. Look for 4400 Friday and short it.
Major breakdown to follow retracement from TL.
Major breakdown to follow retracement from TL.
Comment:
NB: This is a reliably repeating, well-characterized topping behavior extensively discussed in Technical Analysis of the Financial Markets, John Murphy, please refer to Fig 4-10a; note the breakdown below TL, subsequent rally back to TL, which may create a 'double top' pattern, and rejection that follows begins the real move lower in earnest.
I post this over and over again here on TV and it always seems to be a novel discovery for most participants. We have H&S patterns in major indices and many stonks. A deep and severe correction is likely imo.
Link to free Murphy pdf:
cdn.preterhuman.net/texts/unsorted2/Stock%20books%20029/John%20J%20Murphy%20-%20Technical%20Analysis%20Of%20The%20Financial%20Markets.pdf
GLTA!
I post this over and over again here on TV and it always seems to be a novel discovery for most participants. We have H&S patterns in major indices and many stonks. A deep and severe correction is likely imo.
Link to free Murphy pdf:
cdn.preterhuman.net/texts/unsorted2/Stock%20books%20029/John%20J%20Murphy%20-%20Technical%20Analysis%20Of%20The%20Financial%20Markets.pdf
GLTA!
Trade active:
DT begins
Comment:
Forms A-B-C, in B wave of correction. Lower again soon
Trade active:
Opened SQQQ EOD. Three hours grinding along the resistance across top of chart. No EOD moon rocket, just fade. SPY 444 was over top Bolly band. Looks like a top imo.
Exhaustion gap. Expanded flat correction. Double top. Another rate hike coming in July. Get ready.
Exhaustion gap. Expanded flat correction. Double top. Another rate hike coming in July. Get ready.
