In my recent "6950 or Bust" I stated that Bulls wanted to close the week out above that 6938ish (your particular exchange may vary) swing. They were unable to do so. As you can see, this resulted in a quick 200+ move to the downside. Where do we go from here?
No one knows. But the blue lines/box are some pretty good ideas as to where it may go.
IMO, so long as we fail to get a close above that 6938ish swing on the Daily or better, we're headed down to 6.1, 5.7, maybe even 5.2k.
The box in that 5.2k region is the last down move (4hr) before that nice up move to the 6938 swing I've been referencing. I would anticipate a nice bounce from said box, should we reach it. YMMW.
As stated above, a solid close above the 6938 swing, and I'd have to re-evaluate this all....
As always, practice solid risk management, good luck, and have fun!
No one knows. But the blue lines/box are some pretty good ideas as to where it may go.
IMO, so long as we fail to get a close above that 6938ish swing on the Daily or better, we're headed down to 6.1, 5.7, maybe even 5.2k.
The box in that 5.2k region is the last down move (4hr) before that nice up move to the 6938 swing I've been referencing. I would anticipate a nice bounce from said box, should we reach it. YMMW.
As stated above, a solid close above the 6938 swing, and I'd have to re-evaluate this all....
As always, practice solid risk management, good luck, and have fun!
