Price stopped fall at the 0.618 retracement ~4321 SPX and held for an intraday double bottom ~4310. Holds above the previous Friday's finish after a mad V rally.
Stonks remain in a downtrend but this countertrend move may be only halfway up the flagpole. C wave ought to carry index to the upper trendline of falling channel, another 100 pips above.
Confirm Monday. Price action 10/13 was indeed spooky, from where came this mad gap up, but it vaporized in under an hour and the rest of session was spent testing the 20 DMA.
If you short it here you may well be selling at the bottom, be ware! GLTA
Stonks remain in a downtrend but this countertrend move may be only halfway up the flagpole. C wave ought to carry index to the upper trendline of falling channel, another 100 pips above.
Confirm Monday. Price action 10/13 was indeed spooky, from where came this mad gap up, but it vaporized in under an hour and the rest of session was spent testing the 20 DMA.
If you short it here you may well be selling at the bottom, be ware! GLTA
Comment:
toldyaso
Comment:
There is a call wall up here at 4385. Price struggles at his level. SPY pushed back repeatedly from 437. Has traded 438 AH but in open drive can't seem to reach it.
Tuesday likely the pivot to resume bear campaign. Out all longs.
Shorting any rally above today's close. GLTA
Tuesday likely the pivot to resume bear campaign. Out all longs.
Shorting any rally above today's close. GLTA
Comment:
Not fully certain this idea is done but it sure looks like it's in trouble. See Crown is Down for next idea.
If it don't pop Tues I be closing this. Already sold all longs.
If it don't pop Tues I be closing this. Already sold all longs.
Trade closed manually:
4393 amazing rip from a down gap. OFC can always get higher but I ain't betting on it. Closed all longs.
Comment:
aint u glad you got out?! lol back in cash. watch, wait
