CLOSED MY SHORT @ 2625, COULD MOVE UP 10:06AM PST, 1/28/19
NOT INVALIDATING MY RECENT IDEA (www.tradingview.com/...GFPedl-SPY-PULLBACK/) but closed my short at 2625 from a 2634 entry today. EXERCISING NO EMOTIONS.
REASON
Swapping over to my preferred way of tracking S&P, symbol 'SPX500'.
-Notice 1hr oversold
-Hovering around 1hr support of a bull flag which makes me think we may just be consolidating in a bull flag
-We just hit point #1 on chart again which is the 50% retrace from all time high to recent low and have pulled back.
***I would watch this carefully as it looks like it could provide resistance but may also be indicating an IHS on 5 min coupled with oversold conditions on the hourly/2hr could take us up to the recent highs testing resistance***
REASON
Swapping over to my preferred way of tracking S&P, symbol 'SPX500'.
-Notice 1hr oversold
-Hovering around 1hr support of a bull flag which makes me think we may just be consolidating in a bull flag
-We just hit point #1 on chart again which is the 50% retrace from all time high to recent low and have pulled back.
***I would watch this carefully as it looks like it could provide resistance but may also be indicating an IHS on 5 min coupled with oversold conditions on the hourly/2hr could take us up to the recent highs testing resistance***
Comment:
I really want to believe we'll be able to re-test the recent 2670 highs sooner than my last idea anticipated but there's potential this may have been a dead cat bounce.
Comment:
Two things potentially on my mind at the moment.
1. bear flag about to double top
2. potential for a bullish Gartley pattern
Two things potentially on my mind at the moment.
1. bear flag about to double top
2. potential for a bullish Gartley pattern
Pulled trigger went long at 2633 and sold at 2641.
REASON
Not sure what to expect next. Rather than hold over night with earnings in play sold my long to avoid potential for a right shoulder on the 1hr chart above .