Just doing some updates.
No bias, both scenarios to the upside and downside are shown.
Both support and resistance levels shown.
Both Measured Moves to the upside on downside shown.
Period of major reversals/retests / volume / volatility is in light blue where the Apex lies.
Will be interesting to look back at this in 6 months.
No bias, both scenarios to the upside and downside are shown.
Both support and resistance levels shown.
Both Measured Moves to the upside on downside shown.
Period of major reversals/retests / volume / volatility is in light blue where the Apex lies.
Will be interesting to look back at this in 6 months.
Comment:
Blue dotted line is where I anticipate (roughly) price to move outside of the Symmetrical triangle.
Comment:
PSA: The 2nd RED resistance level is being tested currently.
Comment:
The downward momentum of the thick black downsloping resistance line is weighing on the market and price should be pulled to it like a magnet/moving average over time. We are about halfway to the "Period of Extreme Volatility" since the time of this chart's original post. Thanks for those still watching.
If I am correct in how Tradingview works, only those that liked this post receive updates on my comments if you have notifications turned on. Would anybody mind confirming or denying this for me?
If I am correct in how Tradingview works, only those that liked this post receive updates on my comments if you have notifications turned on. Would anybody mind confirming or denying this for me?
Comment:
Who's gearing up for some extreme volatility?
Comment:
Nasdaq of China: Shenzhen down -1.76% currently
SPY of China: Shanghai down -2.97%
"Trump directs Trade Office to prepare new tariffs on $200 billion MORE in China goods."
China says it will "Fight back swiftly and firmly if US publishes additional tariffs."
VIX fighting to break below $12.00's again as investors laugh at the idea of downside.
An 'Expert' from Squawk Talk CNBC Business News: "The market's strong, rising interests rates don't really matter anyways, they've been so low for so long they're pretty much broken. Plus PE ratios are low! Who cares if they're synthetically low because virtually all companies used their tax cuts towards a record $450 Billion in buybacks when they're already sitting on record amounts of cash, when they were supposed to spend it on infrastructure and operations. Tax Cuts pay for themselves. They're letting inflation Run Hot for a while, I heard that's good for the consumer."
But here's the big lie:
Not a single scenario that I have seen, budget or tax plan or otherwise assumes any downside. Ever. It’s all milk, honey and rose pebbles everywhere hence the consequences are not accounted for and the sheep are led to the cliff thinking there is no risk anymore.
That 10% fall in January was a shot across the bow, all the market had to do is to move sideways long enough and slowly enough until everyone forgets why it fell in the first place. Do you remember why it fell? Honestly do you?
Hint: Read the first four lines.
Note: I tried my hand at some satire in this most recent update. Rereading this post (which I guess I'll decide to keep) I realize that the 'tone' comes across more bearish than the comical 'flow' I was going for. I'm guided predominantly by my short/medium/and long term biases in the market and am finding it difficult to produce ideas that reflect this that aren't "Cautious"
All three time frame biases were bullish until January came and luckily dodged a bullet there. But after the last 6 months (can you believe we're 6 months into 2018?) Those three time frame biases are no longer aligned for me - resulting in a "Cautious" tone.
I guess we'll see how it plays out in the months to come. If you ever want to get in touch, send me a direct message.
Best,
RH
SPY of China: Shanghai down -2.97%
"Trump directs Trade Office to prepare new tariffs on $200 billion MORE in China goods."
China says it will "Fight back swiftly and firmly if US publishes additional tariffs."
VIX fighting to break below $12.00's again as investors laugh at the idea of downside.
An 'Expert' from Squawk Talk CNBC Business News: "The market's strong, rising interests rates don't really matter anyways, they've been so low for so long they're pretty much broken. Plus PE ratios are low! Who cares if they're synthetically low because virtually all companies used their tax cuts towards a record $450 Billion in buybacks when they're already sitting on record amounts of cash, when they were supposed to spend it on infrastructure and operations. Tax Cuts pay for themselves. They're letting inflation Run Hot for a while, I heard that's good for the consumer."
But here's the big lie:
Not a single scenario that I have seen, budget or tax plan or otherwise assumes any downside. Ever. It’s all milk, honey and rose pebbles everywhere hence the consequences are not accounted for and the sheep are led to the cliff thinking there is no risk anymore.
That 10% fall in January was a shot across the bow, all the market had to do is to move sideways long enough and slowly enough until everyone forgets why it fell in the first place. Do you remember why it fell? Honestly do you?
Hint: Read the first four lines.
Note: I tried my hand at some satire in this most recent update. Rereading this post (which I guess I'll decide to keep) I realize that the 'tone' comes across more bearish than the comical 'flow' I was going for. I'm guided predominantly by my short/medium/and long term biases in the market and am finding it difficult to produce ideas that reflect this that aren't "Cautious"
All three time frame biases were bullish until January came and luckily dodged a bullet there. But after the last 6 months (can you believe we're 6 months into 2018?) Those three time frame biases are no longer aligned for me - resulting in a "Cautious" tone.
I guess we'll see how it plays out in the months to come. If you ever want to get in touch, send me a direct message.
Best,
RH