INO following market Uncertainty- or FAKE OUT?
A failed Harmonic today. Showing signs of Bearish sentiments.
The Harmonic started off badly and got worse. They happen.. but given the DJI and other Global Markets this could be the beginning of the Bear market that's in store. This was a gamble after yesterday close...and it had profitable gains to be made prior to then. The resistance was not just in the recent harmonic, but also the crab formation back from July.. which really sucks.. These violent crab and shark formations always weaken and scare investors (as they should).
The good news is the Crab formation could bounce this week to the upside. If so we could finish the pattern (light blue). Please keep in mind we have already completed a bullish Butterfly right now- but if pricing goes lower it will turn into a Crab formation signalling further lows. I have shown the crab pattern- butterfly in dotted red.
Harmonics are always changing and in markets like this- they tend to fail or form to further downside.. so I have placed the possibilities on this chart as of today. A bounce would be nice.. so stay tuned.
Its still one to watch to reclaim any losses for the day... BIG PHARMA tends to be jerky!
*CHEERS*
The Harmonic started off badly and got worse. They happen.. but given the DJI and other Global Markets this could be the beginning of the Bear market that's in store. This was a gamble after yesterday close...and it had profitable gains to be made prior to then. The resistance was not just in the recent harmonic, but also the crab formation back from July.. which really sucks.. These violent crab and shark formations always weaken and scare investors (as they should).
The good news is the Crab formation could bounce this week to the upside. If so we could finish the pattern (light blue). Please keep in mind we have already completed a bullish Butterfly right now- but if pricing goes lower it will turn into a Crab formation signalling further lows. I have shown the crab pattern- butterfly in dotted red.
Harmonics are always changing and in markets like this- they tend to fail or form to further downside.. so I have placed the possibilities on this chart as of today. A bounce would be nice.. so stay tuned.
Its still one to watch to reclaim any losses for the day... BIG PHARMA tends to be jerky!
*CHEERS*
Trade active:
Short entered 24.54
Trade closed manually:
Short stop hit.. Long trade entered 26.00 off pre marke bounce! Looks like a fake out! Long pattern still in play
Comment:
Still Long on INO
Trade closed manually:
Closed at 27.85
Moorsc0de aka Crypt0nomics aka Zaphkiel
