We are at a CRITICAL point in the market cycle. Its time to decide if we will dead cross the EMAs to the bullish or the bearish side. At this point I would not recommend a trade until we have confirmation.
Bullish Scenario: We break the green resistance on the upside invalidating a double top (marked by that red line around 2716). A move of such nature would flip us from a pennant to a ascending triangle. This break would also cause a bullish dead cross on all the moving averages. Bulls would take over, buying would resume, and the already pricey equitys market would go through the roof.
Bearish Scenario: We reject off the 2716 levels to print a double top sending us towards the green support on the bottom. We could see a bounce from this support and a retest of the resistance, but I highly doubt it. This is because once we test that support, around the 2612 level , we are basically set up in a descending triangle. After we confirm bellow the heavy support on the triangle the bears will be in control. This would probably send us a to a new low. And then it would be a blood bath.
My final verdict is: SHORT
Bears will soon be in control.
We will probably see a little bit of bull running into early tomorrow but from there on it shouldn't be a problem for the bear party to begin.
As allways
I let my nuts hang
Ya boi
Darklord_
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looks like we are on our way to test 2782 for a tripple top