The pink line represent the trend line and if that forms a descending triangle there would be a high probability that initiate a bear move towards 300 Scenarios: 1. Retest 335 mark two more time 2 doesn't cross above trend line
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As it breaks the trend line and retested 350 mark 3 rd time high probability for a bull move let's wait for confirmation
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The move is near consolidating near 355 high probability crossing 370
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Witnessed a bearish engulfing near 357..waiting for retest..as I mentioned earlier it broke the trend line at 347 it went up till 357 but the momentum is neither steady or strong would gain momentum after retest..and also this is still risky phase because..many crash came after a bull fake out..still we are in a potentialdanger bear zone..
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Looks bear is holding after retesting at 350 level there is not enough momentum. Trying to form a descending traingle..signals bear
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Bear scenario: *Consolidate lower than 355 *Doesn't cross above 357 and hit 360 level
Potential levels: 335,310
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Just before retested at 347 still didn't cross my trend line and it rejected at the trend line possibly crash to 330 or higher while next retest..
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While the price action shown the restest is a failure to break support..and crosses our trend line showing all signs of bull trend..broke above 360..
I am natural now with bearish bias because we are getting rejected by trend line and previous support now turned resistance 310 area acting as a powerful support but we test it 2 time there is high probability to break it. So stoploss above this zone and trendline could be a good stop for a shorting opportunity
Keep that in mind that we are in weekend if we consolidate through the weekend it is possible to have volatile day Monday morning with s&p opening
nethaji7491
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@shayanrez and one thing is we if the 310 level hold multiple retest and fill the gap market would explode to high am I right?
nethaji7491
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@shayanrez previous highs are attained exactly these kind of scenario and crashed at these levels..considering global market most probably crash
I am natural now with bearish bias because we are getting rejected by trend line and previous support now turned resistance 310 area acting as a powerful support but we test it 2 time there is high probability to break it. So stoploss above this zone and trendline could be a good stop for a shorting opportunity
Keep that in mind that we are in weekend if we consolidate through the weekend it is possible to have volatile day Monday morning with s&p opening