Here on S&P500, price has completed a larger continuation correction on the larger scale, and lower time frame is showing more bearish price action.
What we can see now is the price has clearly move down in an impulsive phase on the latest development since last week. This is good sign for more bearish price action this week.
For now, its best to see if another consolidation could form this week, and continue the bearish trend down to the previous lows.
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Consolidation has formed, more possibility of downside, wait for bearish confirmation on lower time frames.
Thank you for sharing. I think it will ultimately move even lower, toward $3 400. Time will tell.
any_money
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awesome
Petrichor_
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Can you do an update on this please? Thank you for your wonderful contribution and trading analysis.
Petrichor_
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I was thinking this too. Does the recent bank bailout change your perception at all?
jojofang0901
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@Petrichor_, well, I am just looking at it from a technical perspective. Of course macro can impact the market, but as long as price action remains the same, then its the same bias and approach.
lesibamarcus10
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This is a nice possibility for the 90% Rule. What are your views on the DXY?