First, happy Tuesday!
Now off to something really more bearish: #GOOG . The predictive analysis coming out of the chart is signaling an early reversal. We have all heard that the dip is temporary and technical analysts in-the-know on Wall Street recently cited seeing a compilation of indicators all lining up to prove that the recent decline is just temporary.
We may please beg to differ?
Our predictive analysis and forecast is telling us a different story. To keep our long technical story short, we will stick to pointing out that we recently produced an early market reversal signal which has downgraded our outlook to Neutral-to-Bearish, pending a reversal confirmation. We simply would like to generate a cautionary statement and provide safe targets while this broad market ghoulish development unfolds.
The "EAGLE" zone is what we have described as an (E)xtremely (AG)gressive (L)evel of (E)ntry, a level at which we have taught our traders to consider as a low-exposure, high return level of entry. Now ,this is all educational, so this is NOT a trade recommendation, but simply a visual definition of what we expect to impose itself as a significant level of overhead resistance.
Projected down below is a potential primary target, TG-1 - 1029.20, which is where we believe could represent a significant support if and when price were to further deteriorate - recall that the signal we received is a EARLY reversal one, and that a reversal confirmation remains pending.
For the time being, we will keep this chart intact and to the side, as we observe price unfold.
Neutral to outlook, given the recent reversal signal, although confirmation remains pending.
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado USA
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