We got some -divergence on daily here on RSI and SQZMOM, so expecting a drop, but of course not sure how deep it'll go, but these are the possibilities. Not smart to be aggressive on any shorts because it's the stock market we're talking about here... Great chance this is an opportunity to take some profits and or get in after a drawback.
Using fib's and volume-by-price to see where support/reversal areas are. The red lines are stop loss, IF DAILY CLOSES BELOW THEM. Most of the time, Market Makers will drop price below those types of supports, briefly, just to stop out/liquidate retail traders, then keep the bull trend going.
Once again, don't be aggressive with short positions, smart money is bullish stock market long term, so don't be stupid.
Using fib's and volume-by-price to see where support/reversal areas are. The red lines are stop loss, IF DAILY CLOSES BELOW THEM. Most of the time, Market Makers will drop price below those types of supports, briefly, just to stop out/liquidate retail traders, then keep the bull trend going.
Once again, don't be aggressive with short positions, smart money is bullish stock market long term, so don't be stupid.
Comment:
This daily candle just closed below the red line (stop loss), so it's confirmed bearish now. Expect to go down further.