S+P 500 Chart, interpreted in the 100 Range Format,
( Shown Here )
clearly defines the potential downside price risk in the market
after Friday's surprisingly sharp renewed initiation breakdown of 2900.
My own interpretation of the move is quite simple.
Bullish Trader's were caught "red handed ",.. on the wrong side of the market on Friday.
Bullish crowd expectations were severely crushed with a powerful double edged sword,
caused by a lack of expected Fed appeasement, and a very sharp escalation in the "economic war" China + USA
It is the shock and stupendous surprise,,that makes this decline all the more risky to predict.
A potential rounded inverse Head and Shoulder's bottom could cushion the decline around these price levels,
and offer the bulls some much needed pattern support next week.
However, because the majority "see's the potential support and may play it that way, it may give way surprisingly easy.
As difficult as this may sound to most traders who need "the fix" of price action,and volatility
and who find themselves waiting breathlessly for Monday's Open ( making it for a very long weekend )
I would caution you that the market often under these circumstances test's
most if not all in high volatility violent trading, before making up it's mind which way to go next.
However once again,because "the bullish crowd" might be looking for some kind
of recovery "bounce" next week,
they simply might not get one.
THE_UNWIND
8/24/19
NEW YORK
( Shown Here )
clearly defines the potential downside price risk in the market
after Friday's surprisingly sharp renewed initiation breakdown of 2900.
My own interpretation of the move is quite simple.
Bullish Trader's were caught "red handed ",.. on the wrong side of the market on Friday.
Bullish crowd expectations were severely crushed with a powerful double edged sword,
caused by a lack of expected Fed appeasement, and a very sharp escalation in the "economic war" China + USA
It is the shock and stupendous surprise,,that makes this decline all the more risky to predict.
A potential rounded inverse Head and Shoulder's bottom could cushion the decline around these price levels,
and offer the bulls some much needed pattern support next week.
However, because the majority "see's the potential support and may play it that way, it may give way surprisingly easy.
As difficult as this may sound to most traders who need "the fix" of price action,and volatility
and who find themselves waiting breathlessly for Monday's Open ( making it for a very long weekend )
I would caution you that the market often under these circumstances test's
most if not all in high volatility violent trading, before making up it's mind which way to go next.
However once again,because "the bullish crowd" might be looking for some kind
of recovery "bounce" next week,
they simply might not get one.
THE_UNWIND
8/24/19
NEW YORK