Since Bulls (Algos, HFTs, or who knows....) did not let to correct this mkt even a little bit, I think this levitation will end with a sudden 1,5 - 2,5 % drop, within one or two days.
1 Hr chart is the most interesting now, but as usual, I start with the higher time frames.
Daily: Not much change since my last post (please see attached). DMI-ADX combo is extreme, Slow Stoch and MACD turning bearish. Price is far above the Kumo. While Ichimoku setup is bullish, this mkt has become stretched and extremely overbought. A correction is due.
4 Hrs: DMI-ADX seems loosing a bit of bullish momentum. Price likely crossing down Kijun sen which same time will bring a Tenkan/Kijun weak bearish cross as well. Chikou Span is gettingclose to price candles, it can easily cross down.
1 Hr: Bearish biased sideaway move. Second attempt for a bearish Kumo break. DMI bearish, but ADX not yet high enough. Clearly we are about to get a nice short entry signal. Place sell order: 3904 Stop Sell / 3913 Limit Sell OCO, Initial stop at 3922.
Support levels are: 3855-3860 / 3810 / 3725
I already accumulated 3800 and 3850 strike Put options, also added some bearish 3850/3800 Put spreads.
Today I will try to enter some outright short positions too. 3855 is not a big deal, will be easy to catch. That is already a bit more than 1:2 risk/reward. But if we get lucky, in a few more waves we can see a deeper correction down to minimum 3815, or even lower...???.... noooooo stocks can only go up ;-). So let's just tgt 3815 first, then we'll see.
p.s.: It's unbelievable that this video is almost 4 years old! :-D
www.youtube.com/watch?v=jllJ-HeE...
1 Hr chart is the most interesting now, but as usual, I start with the higher time frames.
Daily: Not much change since my last post (please see attached). DMI-ADX combo is extreme, Slow Stoch and MACD turning bearish. Price is far above the Kumo. While Ichimoku setup is bullish, this mkt has become stretched and extremely overbought. A correction is due.
4 Hrs: DMI-ADX seems loosing a bit of bullish momentum. Price likely crossing down Kijun sen which same time will bring a Tenkan/Kijun weak bearish cross as well. Chikou Span is gettingclose to price candles, it can easily cross down.
1 Hr: Bearish biased sideaway move. Second attempt for a bearish Kumo break. DMI bearish, but ADX not yet high enough. Clearly we are about to get a nice short entry signal. Place sell order: 3904 Stop Sell / 3913 Limit Sell OCO, Initial stop at 3922.
Support levels are: 3855-3860 / 3810 / 3725
I already accumulated 3800 and 3850 strike Put options, also added some bearish 3850/3800 Put spreads.
Today I will try to enter some outright short positions too. 3855 is not a big deal, will be easy to catch. That is already a bit more than 1:2 risk/reward. But if we get lucky, in a few more waves we can see a deeper correction down to minimum 3815, or even lower...???.... noooooo stocks can only go up ;-). So let's just tgt 3815 first, then we'll see.
p.s.: It's unbelievable that this video is almost 4 years old! :-D
www.youtube.com/watch?v=jllJ-HeE...
